The more China allows its currency to weaken, the greater unease in Washington is likely to grow.
In mid-April, the U.S. Treasury warned China that the yuan was too weak and expressed doubt about Beijing’s determination to allow market forces to guide the value of the Chinese currency.
Since then the yuan, also known as the renminbi, has headed lower still. On Wednesday, the yuan hit its lowest level against the dollar since late 2012. It weakened to as low as 6.2674 per dollar and is down more than three percent so far this year.