China’s Economy Could Suffer On Growing Trade Tensions – 2 August, 2018
Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo
The dollar hit a 14 month high against the yuan as trade tensions between the U.S. and China continue to grow and the possibility of severe damage done to the Chinese economy. The dollar index reached a two week high of 95.211 against a basket of six major currencies. The offshore yuan weakened to 6.8975 per dollar and steadied at 6.8888, hitting a low since May 2017. The onshore yuan slipped to 6.8767 per dollar, another May 2017 low, to steady at 6.8681 yuan per dollar. The euro last traded at a two week low of $1.1591.