China has started letting the yuan weaken slightly in a pointed 'snub' to U.S. President Donald Trump, Dutch bank ING said in a report.
Though Chinese authorities have loosened controls over the years, the yuan is still tightly managed and allowed to trade within a narrow band of 2 percent either side of a daily fixed point.People's Bank of ChinaBut the Chinese currency, also known as the renminbi, weakened against the dollar by 0.2 percent in March, and by 0.3 percent so far in April, ING said on Monday in the report. That compares with the yuan strengthening by 2.45 percent in first two months of the year, it added.
"We think this is a snub to the Trump administration who said that the yuan cannot depreciate if there is a U.S.-China trade deal."as part of ongoing talks to forge an agreement to end the countries' year-long trade war.in their latest attempt to make progress in reaching an agreement. Optimism has increased this year, with some experts believing a deal could be announced within a few weeks, and others see it taking place within months.
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