The People’s Bank of China (PBOC) blamed the drop “to unilateral trade protectionism, as well as expectations of more tariffs on China”. Photo: AP
China blames Donald Trump’s trade war tariff threat as yuan weakens below 7 to the US dollar
- First time yuan has dropped below level since offshore trading started in Hong Kong in 2010, and the lowest in the onshore market since April 2008
- Drop came only days after the US president threatened to impose a new 10 per cent tariff on US$300 billion worth of Chinese products from September 1
Topic |
Currency war
The People’s Bank of China (PBOC) blamed the drop “to unilateral trade protectionism, as well as expectations of more tariffs on China”. Photo: AP