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TRADE WAR: China devalues yuan after Trump threatens tariffs in HUGE threat to US

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THE TRADE war raging between China and the United States shows signs of spilling over into a battle over currency after Beijing’s central bank devalued its yuan against the dollar.

The People’s Bank of China dropped the dollar’s reference rate to 6.7671 yuan – the most radical weakening of the currency in two years.

A cheaper yuan will make Chinese exports less expensive and has the potential to boost sales overseas.

The move came just hours after President Donald Trump threatened to slap tariffs on $500billion worth of Chinese goods.

Mr Trump has previously accused China of manipulating its currency to gain an unfair advantage over American businesses, a message he reiterated via Twitter yesterday.

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