China Retaliates, Whither the Yuan, BOJ Could Stand Pat: Eco Day

(Bloomberg) -- Good morning, Asia. Here’s the latest news from Bloomberg Economics:

• China confirmed it will impose 25 percent tariffs on an additional $16 billion of U.S. imports from Aug. 23, matching an earlier move from Washington
• The outlook for China’s currency eventually comes down to economic data -- and those aren’t looking quite as grim as the trade war headlines would suggest
• Economists now see a lower chance of any further changes to Bank of Japan monetary policy through the 2019 calendar year
• Almost every prescription for Turkey to rescue its financial markets from meltdown, and its economy from recession, involves the president backing down. He’s not very good at that
• The U.S. should follow through on gradually raising interest rates to more normal levels, says Richmond Fed chief Thomas Barkin
• New Zealand’s central bank said it expects to keep interest rates at a record low for another two years as the outlook for growth weakens
• The U.S. announced new sanctions on Russia for the March nerve-agent attack in the U.K. The ruble tanked

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