China has a simple weapon it can use to try and foil President Trump’s tariffs.
中国有一个简单的武器,可用来尝试挫败特朗普总统的关税。
Will it work?
能起作用吗?
The value of China’s currency, the renminbi, has fallen over 7 percent against the dollar since mid-April, an unusually large move. A lower renminbi makes China’s exports cheaper to foreign buyers, which is particularly helpful right now when Mr. Trump’s tariffs are making many Chinese goods more expensive in the United States market. And since China’s government manages the value of its currency, the decline certainly has its blessing.
自4月中旬以来,人民币兑美元的汇率已下跌了逾7%,这是一个异常大的变化。人民币贬值使中国的出口商品对外国买家来说更便宜,在特朗普的关税让许多中国商品在美国市场上变得更贵的时候,这一点尤其有帮助。而且,由于中国政府是人民币汇率的管理者,人民币贬值当然是得到政府批准的。
Mr. Trump in a tweet last week said the weakness of the renminbi was eroding the United States’ competitive edge.
特朗普上周发推说,人民币走弱正在侵蚀美国的竞争优势。
The Chinese authorities have said they are not deliberately weakening the value of the renminbi to gain an advantage in the trade conflict. And some of the recent decline in the currency may have been driven by economic factors unrelated to trade.
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