China is likely to intensify its crackdown on fentanyl in a bid to avoid the additional 10% tariff threatened by Trump. The PBOC has drawn a line in the sand for the renminbi around 7.33/$ but would likely allow further weakening if large-scale tariffs are imposed. Meanwhile, Huawei’s new operating system marks an important milestone in tech decoupling, though catch-up on the hardware side appears to be slowing.
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