FINANCIAL SECTOR Chinese unfazed by the latest spike in trade war with U.S


Chinese financial sector workers on Tuesday said they weren’t too worried after the U.S. accused Beijing of manipulating its currency in what is becoming a rapidly escalating U.S.-China trade war.

The U.S. government’s announcement on Monday (August 5) that it was labeling China a currency manipulator came hours after China let its yuan currency break through a key support level to an 11-year low, in a sign Beijing is willing to tolerate more currency weakness as Washington threatens to impose more tariffs.

In the wake of that, global stocks extended already substantial losses on Tuesday — the Shanghai Composite Index retreated 1.4%, Japan’s Nikkei shed 0.7%, Australian stocks fell 2.3% and South Korea’s KOSPI slid 0.9%