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How does the devaluation of the renminbi impact global trade? [Policy Insights]

● The depreciation of the renminbi below 7 to the US dollar last week marks a significant development in the US-China trade war. ● In addition to increased production costs, companies may see a slight rise in the rate of inflation. ● Signals from Beijing indicate that after the initial drop, the renminbi is unlikely to devalue too dramatically, unless further developments in the trade war push Beijing towards a more aggressive monetary policy.

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