China’s currency fell to a 10-year low Monday.
in response to the Chinese yuan falling to its lowest value in 10 years, an event President Trump called “currency manipulation.”
The Dow closed 750 points down, while the S&P 500 fell nearly 90 points. Before end of day, the Dow dropped over 950 points before making a slight recovery. China historically controls its currency, and it allowed the yuan to fall below a benchmark of 7 against the dollar on Monday., the yuan’s weakening signaled China’s desire to retaliate against Trump for increasing tariffs on its goods.
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