During the past week, stock prices dropped sharply on fears the trade dispute between the U.S. and China had escalated.
Investors woke to the news on Monday that the People’s Bank of China had manipulated its currency, allowing the yuan to fall to its lowest level versus the dollar in a decade. A weaker yuan makes Chinese exports less expensive in foreign markets. It can also help offset the impact of U.S. tariffs on Chinese products.
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