SHANGHAI - China's yuan fell to fresh 11-year lows on Thursday amid worries about the deepening Sino-U.S. trade war, despite support from major state-owned banks in both the spot and forwards markets.
China hopes the United States will stop its wrong tariff action, the commerce ministry said on Thursday, adding that the imposition of any new tariffs would lead to retaliatory actions. Prior to the market opening, the People's Bank of China set the midpoint rate at 7.049 per dollar prior to market open, weaker than the previous fix of 7.0433.
The moves injected a note of caution into the market, fueling speculation that authorities may be trying to put a floor under the yuan, the trader added. Major banks have been using such tactics frequently in recent weeks as authorities seek to slow the currency's decline after letting it breach the key 7 to the dollar level on Aug. 5. Washington labelled China a currency manipulator hours after the move, which jolted global financial markets.
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