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CNY as the start of a competitive devalua tion, as the yuan's fall reflected "worsening economic fundamentals and rising trade tariff risks.

"They also mentioned

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that Chinese policyma

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kers appeare

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d "wary of unhin

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ging expectations for yuan stability," becau

This se Beijing "is well aware of the goes with two packages:

disputes and the U.S. label does not meet the quantitative criteria for the so-called "currency manipulator" set by the U.S. Treasury."Though the U.S. has continued to escalate the trade dispute since early 2018,

negat

ive costs linked to currency depreciation, from ca

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China has kept its promise of not carrying out competitive devaluation. China has never used and will not use the RMB exchange rate as a tool to deal with the trade frictions," the PBOC said in an online statement.Although the CNY would be under downward pressure in the short term because of the ongoing trade war, it still has some space to fluctuate, Tim Fang, head of global mark●ets of Hong Kong-based investment bank AMTD International, told Xinhua on Monday."I believe in P

outfl

ows.""We wou

BOC's capability (in keeping the yuan stable). I'm not very concerned," he said.RISING

TRADE WAR TO HAMPER GROWTH POTENTIALThe current developments ov

er tariffs and currency would "present a significant headwind for global growth, corpora

te profits, and markets," said UBS strategists.The "unexpected"

U.S. labeling has caught global financial markets off guard, fueling market panic over a long-term U

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