Business
Chinese Currency Falls To Weakest Value In More Than 17 Years Amid Trade War With US
Chinese currency, yuan on Wednesday fell to its lowest value in the past 17 years against the US dollar.
According to Reuters, the onshore yuan finished the domestic trading session on Wednesday at 7.3498 per dollar, representing its weakest close since December 2007.
The development came as the trade war between the world’s two largest economies continues to escalate amid tension.
The United States President, Donald Trump’s “reciprocal” tariffs on several countries across the globe took effect on Wednesday, including massive 104% duties on Chinese goods.
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China’s stakeholders had planned to meet very soon to proffer measures that would boost the country’s economy and stabilise capital markets.
China had also imposed steep tariffs on imports from the United States in response to Trump’s controversial tariffs.
Though Trump said he would temporarily lower duties recently imposed on many countries across globe, he increased those on China goods.
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