On Tuesday morning, the People's Bank of China set the yuan fixing at 6.9683.
Still, it was weaker than the 6.9225 parity level from Monday morning — and it's the weakest since May 20, 2008, according to Reuters.
Markets around the world are closely watching the yuan's position against the 7-per-dollar level after the U.S.The next step is for the U.S. to make its case to the International Monetary Fund, but that's not likely to lead to formal penalties. The manipulator label is mostly symbolic and matters more as a slight to one of the United States' biggest creditors and as an escalation in the ongoing Washington-Beijing trade war.
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