China has a lot of room for maneuver if the trade war worsens

No yuan exchange rate number is more important than the others

• Discussions with Mnuchin at G20 will be difficult
• The CNY will continue to be stable around the level of balance
• The trade war would have a temporary depreciation effect

Update:

Yuan saw sell in these comments. when the central bank government talks about depreciation, it's not an imprudent move!

The other item to note is "No yuan exchange rate number is more important than others".

7 is thought to be a line in the sand. Maybe not.

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