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The renminbi fell past the key point of 7 to the U.S. dollar, in a signal that Beijing may be willing to use devaluation as a trade war weapon.

The value of China’s renminbi has fallen over 7 percent since April. While weakening currencies can soften economic blows, they also come with risks.

China’s stock market has fallen into a bear market and the currency is tumbling on worries about tariffs and China’s efforts to rein in domestic debt.

The president called early elections hoping to get out ahead of economic troubles, but the lira’s dive caught up with him before the June vote.