On Saturday, Trump imposed a 10% duty on Chinese exports to the U.S, and 25% tariffs on Canada and Mexico, two of its top trading partners.
The dollar index — which measures the value of the greenback against several major global currencies — spiked 1.11% to 109.58, pressuring the currencies in the region.offshore yuan
dropped 0.36% to 7.347 against the greenback, following Trump's imposition of a 10% duty on Chinese exports to the U.S. Major investment banks have forecast theChinese markets are on a seven-day break until Tuesday for the Lunar New Year holiday.to a record low of 87.101 against the dollar, weakening 0.66%. Calls for a rate cut have been growing as the country's growth slows. Lower rates tend to weaken currencies.0.19% to 155.47 against the dollar.
" downgrades haven't come through yet, but believe me, they are coming, and that is then going to be the enemy for these sort of pro cyclical, pro growth currencies," he added.
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