The Chinese yuan slid below 7 to the US dollar on Monday. It's a critical threshold for the currency that hasn't been breached in more than a decade, and the latest sign of how far the US-China trade war has escalated.
The yuan weakened sharply after the People's Bank of China set its daily reference rate for the currency at 6.9225, the lowest rate since December. China's central bank sets a"band" every day within which the yuan's value is only allowed to move 2% up or down.In mainland China, one US dollar now buys about 7.0273 yuan. In trading outside of China, where the yuan moves more freely, it stands at 7.0777 to the dollar. Earlier, it had slipped to a record low offshore.
""US authorities have been sensitive to currency moves," he wrote in a research note."They have on multiple occasions blamed currency manipulation to dampen the impact of trade tariffs and have insisted on currency stability as an important part of any agreement between the US and China."Markets across Asia also tumbled in early trading. In Hong Kong, where protest leaders called on people to participate in strikes across the city, the Hang Seng Index fell as much as 3.
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