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China’s yuan hits weakest level since 2007 amid escalating trade war - INVESTING.COM
Investing.com -- The onshore yuan in China finished its domestic trading session on Wednesday at its weakest level since December 2007, closing at 7.3498 per dollar. This comes as an escalating trade war between China and the U.S. continues to impact currency markets.
The offshore counterpart of the yuan also fell to a record low overnight. This weakening of the yuan follows the implementation of U.S. President Donald Trump’s "reciprocal" tariffs on dozens of countries, which took effect on Wednesday.
These tariffs include a significant 104% duty on Chinese goods.
In response, China’s top leaders plan to meet as early as Wednesday to discuss strategies to boost the economy and stabilize the capital markets, according to individuals familiar with the matter.
