In China’s onshore market, the yuan fell to 7.15 per dollar, the lowest since February 2008. In the offshore market, the yuan slid to as low as 7.187, the weakest since international trading in the currency began in 2010, before recovering to 7.1624 – down 0.4% on the day – after Trump’s upbeat comments on a trade deal.
LONDON: China’s yuan fell to an 11-year low in the onshore market and a record low offshore yesterday after the latest escalation in the US-China trade war rattled investor confidence.
President Donald Trump announced an additional 5% duty on US$550bil in targeted Chinese goods on Friday, hours after Beijing unveiled retaliatory tariffs on US$75billion worth of US products, sending stocks into a tailspin and investors rushing for the safety of bond markets.
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