London (CNN Business) 1. Currency fight: A currency dispute between United States and China has brought the fight between the world's two largest economies to new extremes.

The Trump administration on Monday designated China a "currency manipulator" after Beijing let the yuan slide to the symbolically important level of 7-to-the-dollar for the first time in more than a decade.

"The move is another escalation in a deteriorating bilateral relationship that looks set to get even worse," said Julian Evans-Pritchard, senior China economist at Capital Economics.

The People's Bank of China on Tuesday fixed the currency at its weakest level in 11 years, but it also announced plans to issue central bank bills that could prop up the yuan.

The big question now is whether the Trump administration takes further action.