Yuan Tumbles To Low Versus Dollar – 29 October, 2018

The yuan slid to it’s lowest level since May 2008 with the fear that the U.S.-China trade war will escalate, causing the central bank to cut its daily fixing. The yuan dipped 0.15 percent to 6.9724 per dollar after the People’s Bank of China cut its daily reference rate. Reports have been made that the U.S. will announce tariffs on remaining Chinese imports as soon as early December, with comments from President Trump saying China has “drained” the U.S. The onshore yuan fell 0.07 percent to 6.9671 per dollar. Overall, the yuan has depreciated roughly 9 percent in the last six months.