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Europe stocks hammered by U.S.-China trade tensions

August 5, 2019

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Asian stocks were hit hard as the dollar USDCNY, +1.4106% rose about the key 7 level vs. the Chinese yuan, and as protests continued in Hong Kong.

“Today’s decision by China’s central bank to allow the yuan to breach the watershed 7 per dollar mark is a result of the threat by President Trump to impose further U.S. tariffs on imports from China. But it is also consistent with China’s policy increasingly to allow the currency to move in line with currency market pressures,” said analysts at Oxford Economics.

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