China's yuan skidded against the U.S. dollar on Monday, weakening beyond th...
SHANGHAI/HONG KONG - China’s yuan skidded against the U.S. dollar on Monday, weakening beyond the key 7-per-dollar level for the first time in more than a decade, as pressure mounted on the world’s second-biggest economy from an escalating trade row.
U.S. President Donald Trump stunned financial markets on Thursday by vowing to impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept. 1, abruptly breaking a ceasefire in the trade war since his meeting with Chinese President Xi Jinping at the G20 summit in June.had weakened to 7.0240 per dollar by 0155 GMT, the first time it had breached the 7-per-dollar level since May 9, 2008.
The flare-up in trade tensions has renewed global financial market concerns over how much China will allow the yuan to weaken to offset heavier pressure on its exporters. “With additional tariffs on the way, the PBOC is likely to come up with more easing to support growth,” she added.
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