China's yuan hits 2-1/2-month low as Sino-US trade tensions raise growth fears

An employee counting 100-yuan banknotes at a bank in Lianyungang, in eastern China's Jiangsu province. - AFP PHOTO

SHANGHAI: China's yuan slipped to a 2-1/2-month low against the dollar on Monday, dragged down by intensifying trade tensions between the world's two largest economies following tit-for-tat tariffs on each other's goods.

The pace of declines in the yuan was somewhat tempered by the central bank's support, which continued to set the daily official midpoint at a level firmer than market projections.