“The yuan was one of the main victims of last week’s US election results,” Roman Ziruk, senior market analyst at Ebury, said. — Reuters
SHANGHAI: China’s yuan skidded to a three and a-half month-low against the dollar yesterday, hurt by broad strength in the US currency and persistent market worries over higher tariffs on Chinese goods during Donald Trump’s second presidency.
During Trump’s first presidency, the yuan weakened about 5% against the dollar in the initial round of US tariffs on Chinese goods in 2018, and fell another 1.5% a year later when trade tensions escalated.
