Beijing’s decision to let the renminbi fall below the symbolic level of 7 to the dollar was a political choice — but it would not be in China’s economic interests to “weaponise” its currency, economists say.
Monday’s move to increase the renminbi’s trading band came as a retaliation against the latest US threat of fresh tariffs. And although China’s central bank took steps to stabilise the currency on Tuesday, investors worry that the authorities could seek to put pressure on Washington by allowing a bigger devaluation.
While political calculations might dictate that decision, concerns over the impact on China’s economy could act as a restraint, according to economists.
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