China’s yuan slipped on Wednesday after Beijing threatened to retaliate against an order by Washington to close the Chinese consulate in the U.S. city of Houston. A spokesman for China’s foreign ministry said that the order by the United States was an “unprecedented escalation of its recent actions against China” and that China would retaliate if the U.S. did not change course. After breaching their highest levels in more than four months against the dollar in morning trade, China’s onshore and offshore yuan weakened sharply on the news, falling past the closely watched 7-per-dollar level. The onshore spot yuan ended ... (full story)