With markets reeling from recession fears, the world is watching the resilient U.S. consumer, now in the strongest position since before the financial crisis — so far.

SHANGHAI — Chinese companies are following their foreign counterparts out of the country in search of alternative production bases to mitigate the impact of the prolonged trade war with the U.S.

China will neither devalue the yuan nor change the way it manages the Chinese currency exchange rate after the United States designated it as a currency manipulator last week, according to China’s foreign exchange administration chief.

China is unlikely to face serious consequences from the Trump administration’s decision to label it a currency manipulator given the apparent lack of G7 and IMF support for the move, former and current U.S. and G7 officials said.

The International Monetary Fund on Friday stood by its assessment that the value of China’s yuan was largely in line with economic fundamentals, but an IMF official said the fund was encouraging China to pursue a more flexible exchange rate with less intervention.

Falling mortgage rates and strong employment drove consumer confidence in housing to a record high in July, according to a monthly index from Fannie Mae.

U.S. economic growth slowed less than expected in the second quarter as a surge in consumer spending blunted some of the drag from declining exports and a smaller inventory build, which could further allay concerns about the economy’s health.

Shares of UPS surged as demand for faster delivery powered a second quarter that beat Wall Street expectations.