Yuan’s slide past key level ‘allows market to let off steam’
Chinese currency reaches lowest point in more than a decade
Singapore/Shanghai — Chinese monetary authorities let the yuan slide past the key seven-per-dollar level so that markets could finally factor in concerns about the Sino-US trade war and weakening economic growth, three people with knowledge of the discussions said on Monday.
The yuan tumbled 1.4% and past the 7/$ level for the first time in more than a decade on Monday, following two days of weaker-than-expected midpoint settings by the People’s Bank of China (PBOC). Those fixings on Friday and Monday followed US President Donald Trump’s announcement that he will impose 10% tariffs on the remaining $300bn of Chinese imports from September 1, abruptly breaking a brief month-long ceasefire in a long-running trade war...
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