While headlines distract the world's investors with headlines of Trump and Xi exchanging trade-war shots - with Trump going big with tariff threats ($450bn) and China trying to play 'good cop' - something notable has been happening in the FX markets that few are paying attention to. As we previously noted, there are 6 possible things that China can do at this time, in order of escalating severity: China could de-escalate tensions by presenting a list of actions it will follow to reduce its significant trade deficits in services with the US. This could affect education service institutions, the local tourist industry, ... (full story)