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UBS Global Wealth Management: Is CNY being used as trade weapon?

“If word got out that the government was intentionally devaluing the CNY to erode the US’s trade competitiveness, investors would likely scramble to cover their renminbi holdings into US dollars,” said Teck Leng Tan, an analyst at UBS Global Wealth Management. “The resulting torrent of capital outflows from China would lead to tighter monetary conditions, undoing the authorities’ recent efforts…

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