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China lets yuan drop to five-month low on US tensions, uncertain global economic outlook

Summary:
[unable to retrieve full-text content]China is tolerating a gradual weakening of the yuan’s value against a basket of major currencies because of a worsening political confrontation with the United States and a challenging economic outlook, analysts said.Beijing could also allow the yuan to weaken against the US dollar if the Trump administration imposes severe sanctions on China for moving ahead with a new security law in Hong Kong.The yuan fell to 7.1778 against the US dollar at the end of May, near the rate it was trading at in…

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[unable to retrieve full-text content]
China is tolerating a gradual weakening of the yuan’s value against a basket of major currencies because of a worsening political confrontation with the United States and a challenging economic outlook, analysts said.Beijing could also allow the yuan to weaken against the US dollar if the Trump administration imposes severe sanctions on China for moving ahead with a new security law in Hong Kong.The yuan fell to 7.1778 against the US dollar at the end of May, near the rate it was trading at in…

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