China's yuan slumps to 11-year low, stocks fall as U.S. trade war escalates

China's yuan fell to an 11-year low against the dollar on Monday and stocks...

But the currency later pared losses after U.S. President Donald Trump said on Monday he believed Beijing wanted to make a trade deal. Trump said China had contacted U.S. trade officials overnight to say it wanted to return to the negotiating table.

“This tit-for-tat escalation shows how unlikely a trade deal and de-escalation have become,” Louis Kuijs, of Oxford Economics, wrote in a note late on Sunday.Oxford now expects China’s economic growth could fall significantly below 6% next year, even assuming more policy support measures.“With the drag on GDP growth set to rise to nearly one percentage point before long, it is significant enough to warrant looser monetary policy and a weaker exchange rate,” it said in a note to clients.

“The PBOC has not yet signaled its bottom line for the yuan,” Cheung said, referring to the People’s Bank of China, the central bank.

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