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
Donald Trump’s latest threat came less than 48 hours after the conclusion of a “constructive” round of talks in Shanghai. Photo: Bloomberg
Donald Trump’s tariff threat pushing China to make final make-or-break choice, analysts say
- The US president has threatened to impose 10 per cent tariffs on the remaining US$300 billion in Chinese imports from September 1
- Threat came less than 48 hours after the conclusion of a ‘constructive’ round of talks in Shanghai aimed at ending the year-long trade war
Topic |
US-China trade war
Donald Trump’s latest threat came less than 48 hours after the conclusion of a “constructive” round of talks in Shanghai. Photo: Bloomberg