A trade war is raging, but somebody forgot to tell foreign portfolio investors.
Surging inflows of foreign capital have headed to the China bond and stock markets and help stem the depreciation of the renminbi against the dollar.
Donald Trump has accused China of rigging the trade system to favour its companies, dumping products at below cost price and stealing intellectual property. He has slapped tariffs on $250bn in Chinese exports to the US, and warned Beijing last month that the US trade deficit with China was “just not acceptable”.
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