In each of the past three years, the US dollar peaked at 7.37 against the yuan, or just below that. That level has now given way and the pair has touched a fractional record high.
Have a look at the monthly chart:
USD/CNH monthly
This could turn into a problem for risk assets and spark fears of an FX war. I don't really think that's the case as this is about deteriorating Chinese fundamentals due to a trade war but I'm sympathetic to any argument. The next question is how high this goes?
