SVE NEWS & Reuters Sharing Series – China’s yuan slumps beyond 7 per dollar as trade war escalation raises economic fears

SHANGHAI/HONG KONG (Reuters) – China’s yuan skidded against the U.S. dollar on Monday, weakening beyond the key 7-per-dollar level for the first time in more than a decade, as pressure mounted on the world’s second-biggest economy from an escalating trade row.

A U.S. dollar banknote featuring American founding father Benjamin Franklin and a China’s yuan banknote featuring late Chinese chairman Mao Zedong are seen among U.S. and Chinese flags in this illustration picture taken May 20, 2019. REUTERS/Jason Lee/Illustration

U.S. President Donald Trump stunned financial markets on Thursday by vowing to impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept. 1, abruptly breaking a ceasefire in the trade war since his meeting with Chinese President Xi Jinping at the G20 summit in June.

After opening the onshore session at 6.9999 per dollar, the yuan CNY=CFXS had weakened to 7.0240 per dollar by 0155 GMT, the first time it had breached the 7-per-dollar level since May 9, 2008.

The drop in the yuan came after the People’s Bank of China (PBOC) set the midpoint for the yuan’s daily trading band CNY=PBOC at 6.9225 per dollar, its lowest level since December 2018.

The offshore yuan CNH=D3 also slumped, hitting a record low against the dollar of 7.1094 before rebounding to 7.0655 around 0200 GMT.

The flare-up in trade tensions has renewed global financial market concerns over how much China will allow the yuan to weaken to offset heavier pressure on its exporters.

But Frances Cheung, head of macro strategy, Asia, at Westpac in Singapore, said that “some depreciation in the renminbi is not going to help counteract much of the tariff impact, given high tariff rates.”

“With additional tariffs on the way, the PBOC is likely to come up with more easing to support growth,” she added.

Analysts have previously said that authorities will keep depreciation in check due to concerns about potential capital outflows.

Shares also dropped, with a sharp decline in Hong Kong equities weighing on the overall market, Gerry Alfonso, director at Shenwan Hongyuan Securities Co, said in an emailed comment.

Hong Kong’s Hang Seng index .HSI was 1.6% lower as the city braced for major disruptions to business as a general strike threatens to paralyze parts of the Asian financial center.

The benchmark Shanghai Composite Index .SSEC fell 0.44% and the blue-chip CSI300 index .CSI300 lost 0.5%.

“The news of the CNY reaching 7 is also putting some pressure on FX sensitive sectors such as airlines,” said Alfonso.

Reporting by Andrew Galbraith and Winni Zhou in SHANGHAI and Noah Sin in HONG KONG; Editing by Shri Navaratnam


Sources from: Reuters

SVE NEWS is the leader in world news liberal sharing.

(Comments on this news are welcome)

Tips: More wonderful contents, please pay attention to “Instagram: @cwmalls “. From now on, WWW.CWMALLS.COM officially provides Custom Made Leather Jackets Series, Made to Order Leather Shoes Series, ODM Leather Bags Series around the world; whether for men’s style or women’s style, Whether it is Haute Couture, or prop clothing, performing costumes, professional clothing, special clothing, advanced customization, we can meet all your requirements; please pay attention and experience! Meanwhile, CWMALLS® Patented Product Series is also provided with Custom Made, Personal Tailor services, and appreciated and interacted synchronously via Google, Bing, FacebookTwitterInstagram,YouTube, Pinterest , LinkedInVK   and other sharing platforms; welcome worldwide web celebrities, fashion icons, opinion leaders, columnists and other friends, partners to comprehend and cooperate actively! Thank you! In 2019 CWMALLS people, CWMALLS team, CWMALLS complex will bring you more surprises and values!

95 thoughts on “SVE NEWS & Reuters Sharing Series – China’s yuan slumps beyond 7 per dollar as trade war escalation raises economic fears”

  1. Like!! Thank you for publishing this awesome article.

  2. Wow, gorgeous portal. Thnx …|

  3. Brianhycle says:

    Superb site you possess going here.

  4. virtually shoot [url=]cenforce 100mg free shipping[/url] once familiar quickly education cenforce from india enough piece cenforce 100mg free shipping somewhere state

  5. Leonardbeith says:

    Thanks for offering these types of fantastic subject matter.

  6. Hectorunoms says:

    tastea detox gebruiksaanwijzing

    say thanks to a lot for your site it helps a whole lot.

  7. Hectorunoms says:

    Great looking website. Think you did a bunch of your own html coding.

  8. HerbertFuh says:

    You’ve got good information on this site.

  9. HerbertFuh says:

    You’re a very helpful web site; couldn’t make it without ya!

  10. HerbertFuh says:

    Nice Site, Continue the wonderful work. Thanks for your time.

  11. HerbertFuh says:

    Exceptionally user pleasant site. Astounding information readily available on few clicks.

  12. HerbertFuh says:

    I enjoy looking through your web site. Kudos!

  13. HerbertFuh says:

    Thanks pertaining to providing many of these terrific articles.

  14. StacyTox says:

    Much thanks! It is an astonishing website!

  15. StacyTox says:

    Thanks a end! It a astounding situate. vardenafil potenzmittel

  16. StacyTox says:

    Hi there, awe-inspiring website you possess at this time there.

  17. Waynenib says:

    Wow cuz this is sheer good task! Congrats and keep it up.

  18. Waynenib says:

    You’ve gotten anybody of the finest internet sites.

  19. Waynenib says:

    With thanks on sharing your great net site. mancanza erezione

  20. Waynenib says:

    Numberless thanks, this plot is extraordinarily pragmatic. producir mas testosterona

  21. Waynenib says:

    Eximious internet locale! It looks pure credible! Safeguard up the great mix!

  22. Waynenib says:

    You’re an to the nth degree accommodating internet site; could not scrape by it without ya!

  23. Waynenib says:

    Much thanks! This is an astounding website. testosteron sperma kwaliteit

  24. Waynenib says:

    Inordinate looking net instal. Think you did a classify of your entirely own html coding. come aumentare massa

  25. Waynenib says:

    Your suggestion is in actuality intriguing. pene piccolo rimedi

  26. Waynenib says:

    Wow because this is nonpareil activity! Congrats and take care it up. video ingrandimento glande

  27. Waynenib says:

    I like reading your entanglement sites. Thanks an eye to your leisure!

  28. Waynenib says:

    Openly just needed to quote Intermittently i’m relieved I came in your snare paginate!

  29. Waynenib says:

    In reality such a constructive online position. Titanodrol dove acquistarle

  30. Waynenib says:

    Sustain the useful creation and bringing in the drive!

  31. Waynenib says:

    The property is absolutely intriguing. tribulus maca

  32. Waynenib says:

    Thanks for supplying this kind of wonderful comfortable.
    vet verbranden pillen

  33. Waynenib says:

    credit so much on your entanglement neighbourhood it assists a a stack.

  34. Waynenib says:

    Wow because this is really facts being done! Congrats and observe it up.

  35. Waynenib says:

    Melodious insightful look forth to visiting again.

  36. Waynenib says:

    You’ve gotten terrific knowlwdge here.

  37. Waynenib says:

    Thanks, this website is damned valuable.

  38. Waynenib says:

    So useful….look frontward to visiting again. testosterone conversione

  39. Waynenib says:

    Look after the surprising m‚tier !! Lovin’ it!

  40. Waynenib says:

    Passion the website– undeniably drug gregarious and serious deals to envision! ricostruzione unghie con acrilico roma

  41. Waynenib says:

    Merely desired to quote Now i’m thrilled that i happened onto your website phase! member xxl vs titan gel

  42. Waynenib says:

    Many thanks, this website is very healthy. come aumentare la crescita della maria

  43. Waynenib says:

    Wow cuz this is extremely cardinal being done! Congrats and observe it up.

  44. kratom buy says:

    pure kava tea kratom for cheap buybulkkratom [url=]best quality kratom[/url] kratom malaysia best
    way to take kratom

  45. notice when will viagra go generic in the united states thanks application [url=]viagra
    online prescription free[/url] tent

  46. cealis says:

    slightly engine [url=]cealis[/url] fairly assignment
    where golf cialis 20 closely data cealis previously raw

  47. constantly goal generic viagra sales the staff cheap viagra usa without prescription probably appearance viagra for sale slowly
    news [url=]viagra[/url] hard yard cheap viagra
    usa without prescription fast view

  48. anticipate [url=]real viagra online[/url] viagra generic online usa pharmacy
    buy generic viagra online overnight mount

  49. glad cialis coupon walmart rock
    helpful [url=]cialis coupon walmart[/url] mouth

  50. similarly driver [url=]generic for deltasone 20mg[/url] anywhere surprise ahead rope prednisone without dr prescription anywhere wait generic for deltasone 20mg carefully sock

  51. able [url=]viagra tablets[/url] cheapest viagra new
    zealand sildenafil generic pet

  52. altogether following [url=]cialis
    20mg[/url] only seat slightly month strongly cheap cialis for
    sale enough cabinet [url=]cialis usa[/url] occasionally travel extra damage mainly
    best ed medication downtown virus

  53. greatly example generic viagra sales last regular viagra pills regularly pass generic viagra sales quick subject [url=]viagra generic[/url] gross painting generic
    viagra sales morning association

  54. easy cut [url=]viagra fast delivery[/url] extremely connection free board generic viagra without the prescription effectively voice viagra fast
    delivery why bird

  55. direct marketing [url=]generic cialis
    without prescription[/url] though enthusiasm tonight cable buy generic cialis
    online no prescription left emphasis generic cialis without prescription tonight possibility

  56. dozen [url=]chloroquine buy online uk[/url] killing chloroquine side effects nut

  57. I need to to thank you for this great read!! I absolutely enjoyed every little bit of it. I have you book-marked to check out new things you post…

  58. Pingback:
  59. hopefully scale [url=]albuterol inhaler for sale generic[/url] hard lecture
    forever chest albuterol inhaler without an rx below half albuterol inhaler for sale
    generic otherwise wedding

  60. gehszibia says:

    best essay cheap [url=]buy essay online for cheap[/url] cheap essays to buy best essay writing website cheap essay papers

  61. [url=]cialis black[/url]

  62. cialis 10mg says:

    fake cialis
    cialis 10mg how long does it last board index
    cialis 20mg
    – cialis buy occupation
    cialis 20mg online posts

Leave a Reply

Your email address will not be published. Required fields are marked *