Dollar stands its ground as US-China tensions grow

The Chinese yuan, a barometer of U.S.-China relations, hit a record low of 7.1966 per dollar in offshore trade overnight and held close to that level on Thursday at 7.1805.

SINGAPORE: The dollar held its own on Thursday as rising US-China tension put crushing pressure on the Chinese yuan and proved a counterweight to optimism about the coronavirus recovery.

The escalating war of words between the world's two biggest economies also spilled over to the Australian and New Zealand dollars, as a far more cautious mood holds in currency markets compared with the ebullience rallying stocks.