SHANGHAI - China’s yuan fell past the psychologically-important 6.9 per dollar level to its weakest in nearly five months on Friday, amid signs of an escalation in Sino-U.S. trade tensions.
Market sentiment has been hurt further by U.S. government moves to block China’s Huawei Technologies from buying vital American technology, throwing into question prospects for sales at some of the largest tech companies and drawing a sharp rebuke from Beijing. Prior to market opening, the People’s Bank of China lowered the midpoint rate to 6.8859 per dollar, 171 pips or 0.25 percent weaker than the previous fix of 6.8688. Friday’s fixing was the weakest since Dec. 27, 2018.
If the yuan finishes late night trade at the midday level, it would have lost 1.3 percent to the dollar for the week, the biggest weekly loss since July 2018.
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