Patriotic parades showcasing Chinese power lack the country’s most potent weapon: its currency. Throughout the trade war with the US, China has mostly played nice on this front. New US tariffs, affecting $300bn of Chinese goods, put an end to this. The Chinese central bank has let the yuan fall below seven to the dollar. Investors must now guess how much pain China and the US will inflict on each other.
展示中國力量的愛國游行沒有展示該國最厲害的武器：人民幣。在整個對美貿易戰期間，中國在這方面基本上表現大度。影響3000億美元中國輸美商品的美國新關稅終結了這一點。中國央行讓人民幣跌破1美元兌7元人民幣的水平。投資者現在必須猜測中國和美國將給對方造成多大的痛苦。
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