The coronavirus outbreak has severely affected the Chinese economy, bringing yuan below the psychologically important rate of 7 to the US dollar this week.
Chief Strategist Jimmy Zhu shared his insights on South China Morning Post why China is unlikely to take forceful actions to defend the yuan and why Beijing may be tempted to allow the yuan’s exchange rate to gradually depreciate to support exports in the coming weeks.
https://www.scmp.com/economy/china-economy/article/3049209/coronavirus-china-unlikely-defend-falling-yuan-despite-us