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Yuan depreciation would affect not only the economy but also ripple throughout China’s political and social structure
While the semiannual report stopped short of labelling China a currency manipulator, it carried an implicit warning to Beijing in that much of the text focuses on the importance of keeping a close watch on the yuan to make sure that China is not depreciating its currency to alleviate trade war pains.
Clearly, China is gaining importance and the euro is losing importance.
China’s yuan crashed against the dollar on Jan. 30 in offshore trading, spurring rumors that a central bank action to devalue the currency could be imminent.
China is tirelessly working to promote the use of its currency, the renminbi, across the globe. It is making progress, even in North America.
