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Yuan's weakening reflects dimming Chinese growth outlook

Sliding currency raises default and inflation risks

| China
Health workers talk to a resident under lockdown in Beijing on June 16: Xi's China is doing self-harm to the globe's biggest trading engine.   © Getty Images

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

Where China's currency is concerned, U.S. officials are learning the hard way to be careful what they wish for.

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