The U.S.-China trade war has spread into the currency arena with a 2.2% depreciation in the yuan/dollar exchange rate (as at 0700 EST on Aug. 6) versus Aug. 1. That’s likely linked to President Trump’s threats of additional tariffs on Aug. 2 and brings the total devaluation since May 1 to 4.8%. The decline has led the U.S. Treasury Department to label China – which has managed its exchange rate trading bands for several years – as a currency manipulator. The designation may make little change in the short-term. The drop in the yuan is partly down to a reduction in net exports to the U.S....