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
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
Economy /  China Economy

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
Zhou Xin
Zhou Xin

Updated: 10:56am, 6 Aug, 2019

Why you can trust SCMP
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
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
READ FULL ARTICLE