A man buys a Chinese newspaper, with the headline that reads “Outsider strikes back”, featuring Donald Trump on the front page in Beijing on Nov. 10. Donald Trump wasn’t the first U.S. presidential candidate to blast China for manipulating its currency for trade advantage since the century began, but it’s increasingly likely he’ll be the first to follow through on the threat once in office. That’s the perspective of economists at Bank of America Merrill Lynch led by Helen Qiao, chief Greater China economist at the bank in Hong Kong, whose views have evolved in recent weeks given the sustained protectionist rhetoric coming from the incoming president.