US consumer spending posts first drop in almost two years

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Capital Economics: Will PBOC let Renminbi weaken as US tariffs rise?

February 28, 2025 10:00 PM EST

As the United States escalates tariffs on Chinese goods, a key question becomes whether the People's Bank of China (PBOC) will allow the renminbi to depreciate in response, according to a recent note from Capital Economics.

The firm said in a note Friday that the PBOC is likely to permit this adjustment, mirroring its actions during the previous trade war.

"We think it ultimately will, just as it did during the first trade war," Capital Economics analysts stated.

However, they caution that "if were wrong and the... More