Trump says China ‘devalues’ the Yuan

• Markets have been roiled by Trump today following yesterday's Fed disappointment. 
• Trump believes Xi wants to reach a trade deal but says Xi is ‘not moving fast enough’.
• Risk assets such as gold, CHF and the Yen should remain well bid.

Trump is crossing the wires following earlier news that the US administration will impose an additional 10% tariff on the remaining $300 bln of Chinese imports to US starting Sept 1.

Key comments:

• Believes Xi wants to reach a trade deal, but says Xi is ‘not moving fast enough’.
• Not concerned over drop in the Dow, says China ‘devalues’ Yuan.
• Says he is taxing China until US can reach a trade deal with them.

Market implications:

Risk assets such as gold, CHF and the Yen should remain well bid on currency wars and currencies such as the AUD and now even possibly the Dollar will bear the brunt of a deeper and protracted trade war which is now turning into a full-blown currency war.