A sign indicating digital yuan, also referred to as e-CNY, is pictured on a vending machine at a subway station in Shanghai, China April 21, 2021. Picture taken April 21, 2021. REUTERS/Aly Song – RC2F3N9PEGYK
Yuan bulls are putting pressure on U.S. President Joe Biden to figure out a way to walk back tariffs. The currency is on a blistering rally, reinforced by foreign capital. Its strength has yet to dent China’s trade surplus, but could further saddle U.S. consumers with higher prices.
China used to depress its exchange rate to support cheap exports, long a bone of contention with…
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