U.S. markets recovered from their worst day of the year, after China's central bank rejected the U.S. Treasury's designation of the country being a currency manipulator and stabilized the yuan.
U.S. markets recovered from their worst day of the year, after China's central bank rejected the U.S. Treasury's classification of the country being a currency manipulator and stabilized the yuan.
Ellen Hazen, portfolio manager at F.L. Putnam Investment Management, said the increased tensions may lead the Fed to take more action. "A lot of people look at this as just a trade war that stepped up a little bit over time. But what's actually happened, is the beginning of the trade war there was tariffs, and those tariffs were dealt with by the Chinese through back door subsidies, through currency depreciation, through other things. So, they were basically counteracted as much as possible. Where we're going now, is a place where they can't do this.
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