Trade War Escalates, Sends Shockwaves Through Markets

China's central bank has allowed its currency to weaken amid an ongoing trade dispute with the United States. The People's Bank of China allowed its currency to fall below 7 yuan to the American dollar. The move caused the Trump administration to designate China as a "currency manipulator," says CNN. Designating a country doesn't immediately trigger penalties, but it's seen as a provocation. President Trump pledged to make the designation during his 2016 campaign.