BEIJING/TOKYO -- China has once again started letting the yuan weaken in what appears to be an effort to shield exporters from the blow of additional U.S. tariffs, but the redback's modest decline reveals authorities are far more concerned about a currency that is too weak, not too strong.
In fact, over the past several years, the yuan has been under great selling pressure. If Beijing were to entirely let the market determine the level of its currency, the yuan would likely be far weaker than it is now, calculations show.
