'Ever since the global trade war started, China is letting the yuan weaken against the dollar and has been designated as a 'currency manipulator' by the US'. Critically evaluate how can exchange rate be held fixed?

Do you agree that China's currency manipulating strategy in the past has impacted the current account balances (Balance of payment consists of Current account & Capital account) of US and initiated the global trade war? If yes, then explain briefly.

Support your answers with relevant diagram/s as required.