China has hit back after Donald Trump's latest escalation of the trade war, allowing the yuan to weaken beyond 7 against the US dollar for the first time since the global financial crisis, in a move analysts say "weaponises" its currency.
Investors were unnerved across the region, triggering a 0.5 per cent drop in the Australian dollar to a 10-year low of US67.71¢.
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Lisa Murray is Enterprise Journalism Editor and host of The Fin podcast. Connect with Lisa on Twitter. Email Lisa at lmurray@afr.com
Robert writes on companies and markets. He is a former New York and Shanghai correspondent, and has worked in Hong Kong. Email Robert at robertguy@afr.com.au
