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Exporters, utilities and miners to benefit with yuan likely to weaken beyond seven to US dollar

The yuan is widely expected to test the psychologically important rate of seven to a US dollar for the third time in three years, amid an escalating trade war between China and the United States, the world’s two biggest economies.

But unlike 2016 and 2018, when Beijing intervened to support the Chinese currency, its central bank governor, Yi Gang, has indicated there are no “redlines” for the exchange rate this time.

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