USD/CNH has edged through the spike high on April 2, following the Liberation Day tariff announcement.
China has plenty of fundamental backing now to let it currency depreciate. That surely won't set the stage for an improvement in relations but escalating tariffs at this point is more a function of rhetoric than trade. I would expect Chinese exports to fall catastrophically with the promised 104% tariff.
Notably, this 7.34 level is still below the December high of 7.37, which should offer some resistance.
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