China’s yuan slips to 11-year low

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The Chinese yuan fell more than 1% on Monday, dropping below the 7-per-US-dollar mark for the first time since the global financial crisis.

The dip came days after Beijing warned it would hit back at US President Donald Trump’s threat to impose new tariff hikes on Chinese goods.

The yuan was trading at 7.024 to the dollar on Monday morning — its lowest level in more than a decade.

The People’s Bank of China said there was nothing significant about the yuan’s weakened value but added that it was the result of “unilateralism and trade protectionism measures.”

Trump last week announced he would increase tariffs on $300 billion (€270 billion) worth of Chinese imports to 10% from September 1.

 

Via CNN /Asia Times

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