China fires a warning shot as the trade war escalates

China’s currency, the yuan, has weakened significantly against the dollar. That suggests the trade war will only get worse, says John Stepek. Here’s what it means for you.

A woman counting Chinese yuan bills © TEH ENG KOON/AFP/Getty Images

(Image credit: A woman counting Chinese yuan bills © TEH ENG KOON/AFP/Getty Images)

Quick thing before I get started this morning if you're in Edinburgh for the festival this year, don't miss the chance to see Dominic Frisby (until 16 August) and Merryn Somerset Webb (from the 17th to the 25th) discussing some of the meatiest political and economic topics of the day with a wide range of guests (including me on the 22nd and 23rd) in Panmure House, which was Adam Smith's final home.

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.