Trump's blame game with China on the origins of COVID-19 could spark a major 'currency war,' analysts warn

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• The Chinese yuan is coming under pressure after growing rhetoric by the US holding China responsible for the coronavirus outbreak. 
• The US dollar to yuan exchange rate has fallen 0.5% since end of April when US president Trump said "there was a high degree of confidence" that coronavirus emerged in a Wuhan lab. 
• Analysts warn that rising tensions could devalue yuan which could then spark devaluations of other major currencies.
• But if the phase one trade deal between China and the US goes as planned, then impact to currencies will be more limited. 
• Watch the yuan trade live on Markets Insider.

Escalating tensions between US and China on who is responsible for the outbreak of COVID-19 will not just push the Chinese yuan lower, but could also spark a major devaluation across numerous major currencies, analysts warn. 

The US dollar to yuan exchange rate has fallen about 0.5% since end of April when US President Donald Trump said there was a  "high degree of confidence" that the virus originated from the Wuhan Institute of Virology. 

See the rest of the story at Business Insider

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