The Chinese renminbi hit an 18-year low on Thursday as the currency became a serious flashpoint in trade tensions between the US and China.
The onshore renminbi, which trades in a band set by China’s authorities that limits daily moves to 2 per cent either way, on Thursday fell to its weakest level since 2007 against the dollar at Rmb7.351 before recovering.
The People’s Bank of China has for six consecutive sessions allowed a weakening in the official “fixing” rate for the onshore currency, in a sign it is willing to allow a modest depreciation to cushion the tariff blow for their exporters.
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