Offshore yuan falls to record low, yen firm on intensifying trade frictions

The offshore Chinese yuan fell to its weakest level on record on Monday while th...

China on Friday vowed to fight back against U.S. President Donald Trump’s abrupt decision to slap 10% tariffs on the remaining $300 billion in Chinese imports, a move that ended a month-long trade truce.

“China will likely take a decent size of stimulus to counter the impact of U.S. tariff, so I would not expect serious impact on the Chinese economy,” said Yukio Ishizuki, senior strategist at Daiwa Securities. “The risk-off mood will stay for now but I expect markets to gradually start consolidation,” he said., having hit seven-month low of $0.67625 on Friday. The currency wasn't far off its Jan. 3 flash-crash low of $0.6715., having touched 1-1/2-month lows of $0.6506 of Friday, pulled down by rising expectations that the Reserve Bank of New Zealand will cut interest rates on Wednesday.The yen extended its advance to 106.

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