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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.

China holds more than a trillion dollars in United States debt, and an escalating trade war could tempt it to wield that debt in a way that has long been unthinkable.

The furor over Mr. Liu’s legal troubles reflects China’s fascination with self-made tech tycoons, who have become symbols of the country’s rise as a global power.

American officials have long worried that Chinese tech firms such as Huawei and ZTE could be involved in espionage. Those jitters are now going global.

While President Xi Jinping remains firmly in charge, friction with the Trump administration and troubles at home have dented his political dominance.

The Belt and Road Initiative is widely seen as a push to develop geopolitical through infrastructure and ports. Companies are using it for more frivolous projects, too.

The financing reflects the technology’s embrace by Beijing, which has created a better environment for companies to test it than in the West.

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.

A rare chance to try on a tool of a would-be surveillance dystopia gave a glimpse of the wariness that a closely watched populace can’t hide.

Beijing’s retaliatory tariffs make American soy pricier. But the country’s huge demand for oil and animal feed makes it tough to stop importing overnight.