China sets yuan midpoint at new 11.5-year low after new round of tariffs

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SHANGHAI: China's central bank set its official yuan midpoint at a fresh 11-and-a-half year low on Monday (Sep 2) after Beijing and Washington ...

Monday's official guidance rate came in 174 pips or 0.25 per cent stronger than Reuters' estimate of 7.1057 per dollar.The PBOC has persistently set its official fixing above the 7.1 per dollar level, which traders are interpreting as an official attempt to slow the yuan's decline.

Onshore spot yuan posted its biggest monthly loss in 25 years in August as the trade dispute intensified. The United States began imposing 15 per cent tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - and China began imposing new duties on U.S. crude, the latest escalation in protracted dispute.

 

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