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The Trump administration finalizes rule that could shift tariff fights to $6 trillion currency market
Past administrations have avoided such a policy because they argued that the determination process was flawed and could start damaging currency wars.
China's currency tumbled in offshore trading Friday, leaving the yuan weakened at the end of a week that started out on a high.
The designation was a largely symbolic move that had fanned tensions between the two largest economies amid a broader economic dispute.
The euro was introduced in many country's banking systems in 1999, and was launched as coins and banknotes in 12 countries on January 1, 2020.
Trump complained about the US dollar’s strength throughout 2019 — but these 8 major currencies were even stronger
The US dollar index DXY is up roughly 1.2% year-to-date, rising amid summer recession fears and trade war tensions.
The pound is soaring after UK election exit polls show Boris Johnson’s Conservative party won a big majority
The pound surged as much as 2.1% against the dollar to about $1.34 after exit polls showed that the Conservatives secured a majority.
In September, Reps. French Hill (R-Ark.) and Bill Foster (D-Ill.) said the central bank should consider a cryptocurrency to remain competitive.
Analysts at ANZ said that "the pace of diversification into other currencies will likely quicken going forward,” as the trade war rages on.
The pound pushed up 1.3% against the dollar and 1% against the euro on Friday.
China let its currency, the renminbi, slip earlier this month, sending markets crashing as it retaliated against the US in their trade war.