China’s currency hits a crippling low. The lowest in over a decade. China fought the U.S. over tariffs and must be regretting their decisions this week after hearing the news that their currency is lower than it has been in over 10 years.
Amid increased pressure from the U.S., including the threat of additional tariffs, China’s currency continued its steep decline this week.
As Markets Insider reported, the Chinese yuan hit a low on Tuesday that was its weakest comparison to the U.S. dollar in 10 years.
The currency was trading at a low of 6.975 per one U.S. dollar this week, a weaker performance than the daily reference rate of 6.9574 per dollar set by the People’s Bank of China.
That low point represented the biggest dip in trading value since May 2008 and came on the heels of new comments from the Trump administration, according to The Western Journal.
As Written By Bloomberg:
The U.S. is preparing to announce by early December tariffs on all remaining Chinese imports if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war, three people familiar with the matter said.
An early-December announcement of a new product list would mean the effective date — after a 60-day public comment period — may coincide with China’s Lunar New Year holiday in early February. The list would apply to the imports from the Asian nation that aren’t already covered by previous rounds of tariffs — which may be $257 billion using last year’s import figures, according to two of the people.
U.S. officials are preparing for such a scenario in case a planned Trump-Xi meeting yields no progress on the sidelines of a Group of 20 summit in Buenos Aires in November, according to two of the people, who declined to be identified to discuss internal deliberations. They cautioned that final decisions had not been made.