Escalating trade tension between China and the US has weighed on the Chinese currency.
The renminbi has weakened by almost 10 per cent against the US dollar since the start of April, when the trade impasse between Washington and Beijing gathered pace. US president Donald Trump’s instruction last week to his trade tsar to examine the possibility of imposing a higher tariff on $200bn of Chinese imports sent the currency to its lowest level since May 2017.
Yet late on Friday, Beijing announced plans to make it harder for investors to bet against the renminbi just minutes before threatening $60bn of new tariffs on US goods.
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