China's Yuan Falls to Lowest Level in 11 Years
BERLIN (DW) - The Chinese currency continues to slide as Beijing seeks to buffer against U.S. tariffs.
Global markets are rattled by an intensifying U.S.-China trade war.
China's currency fell on Monday to an 11-year low amid concern over an escalating trade war and the potential for a global recession.
The onshore yuan that circulates on the mainland slid to around 7.1425 to the U.S. dollar in early Asian trading — its lowest level since 2008. In the offshore market, the yuan dropped to 7.1850 against the greenback, the weakest level since the external currency began trading in 2010.
China said Friday it would impose retaliatory tariffs on an additional $75 billion in U.S. goods. In response, President Donald Trump ratcheted up additional levies on Chinese imports and called on U.S. companies to leave.
The People's Bank of China has allowed the yuan to depreciate to offset U.S. tariffs and keep its export engine running amid a domestic and global economic slowdown. A lower yuan makes Chinese exports relatively cheaper.
Global markets are rattled by an intensifying U.S.-China trade war.
China's currency fell on Monday to an 11-year low amid concern over an escalating trade war and the potential for a global recession.
The onshore yuan that circulates on the mainland slid to around 7.1425 to the U.S. dollar in early Asian trading — its lowest level since 2008. In the offshore market, the yuan dropped to 7.1850 against the greenback, the weakest level since the external currency began trading in 2010.
China said Friday it would impose retaliatory tariffs on an additional $75 billion in U.S. goods. In response, President Donald Trump ratcheted up additional levies on Chinese imports and called on U.S. companies to leave.
The People's Bank of China has allowed the yuan to depreciate to offset U.S. tariffs and keep its export engine running amid a domestic and global economic slowdown. A lower yuan makes Chinese exports relatively cheaper.