US might take most offence at China move

China’s shock move to trigger the biggest one-day decline in its currency for more than 20 years is evidence that the currency wars are still live.

It is also a timely reminder that the US Federal Reserve’s seeming determination to raise interest rates next month risks propelling the dollar even higher, to the dismay of US companies already struggling to maintain exports.

Here is what Fed officials will see when they get to their desks this morning and check out what’s been happening in the currency markets while they were sleeping: