💸The Chinese yuan has dropped to its lowest level in two years against the dollar amid escalating trade war rhetoric.

China will not bow to pressure and will firmly defend its legitimate rights, the Chinese embassy in the U.S. stated after new threats from Trump regarding tariffs.

The devaluation of the yuan could be a catalyst for Bitcoin's growth. If the yuan continues to weaken, Chinese citizens may once again start moving their money into Bitcoin — just like in 2013 and 2015, says Arthur Hayes.