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Language Notification

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Trade-War-Fears-and-Consequences-Comparisons-and-Contrasts-with-late-2015

Trade War Fears and Consequences; Comparisons and Contrasts with late 2015

Steven Wieting

By Steven Wieting

Chief Investment Strategist and Chief Economist

August 7, 2019Posted InInvestment Strategy

China on 5 August allowed the yuan to weaken more than 1.5% , the largest one-day move since August 2015. Press reports also said China has asked state-owned companies to suspend imports of US agricultural products in a politically sensitive move. (Beyond the press reports, this hasn't been formally verified with an announcement from China).

These actions and perhaps others to come reflect retaliation China had promised for the increased US tariffs announced last week (The US tariffs at some level cover all Chinese goods exports to the US from September 1. Please see this bulletin for full discussion.)

China appears to be signaling that its exchange rate can be a primary tool of retaliation. US tariff collections now amount to 12% of China's exports to the US, excluding those just announced. The CNY, which is more stable and managed than most other EM currencies, has fallen about 12% since US tariffs on China have been imposed in 2018 thus far (see our Asia Strategy).

Click here to read the full Strategy Bulletin.