Related: $2T fake tariff news pump shows ‘market is ready to ape’Currency volatility is here to stay as US-China trade war heats upCurrency fluctuations are part and parcel of an escalating trade war that pits the two largest economies against each other. Beyond the yuan-dollar trade, investors are bracing for “insane” foreign exchange volatility tied to the trade war, according to Brent Donnelly, the president of Spectra FX Solutions. The US dollar has been in a steady decline since President Trump’s inauguration, with the DXY Dollar Index falling from a high of nearly 110 to the current sub-103 level. The decline between the end of February and early March was one of the sharpest moves in the last decade, according to Julien Bittel, who heads macro research at Global Macro Investor.
The yuan’s devaluation could drive the narrative of Chinese capital flight into hard assets, which includes Bitcoin (BTC), according to BitMEX founder Arthur Hayes. Bybit’s co-founder and CEO, Ben Zhou, agreed, arguing that China will let the yuan weaken to counter the trade war.
On April 8, the yuan-to-US dollar exchange rate fell to its lowest level since 2023, signaling the Chinese central bank’s readiness to let its currency fluctuate more freely. The US dollar-to-yuan exchange rate on April 8.
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