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China lets yuan slump past seven per dollar for first time in over decade as trade war escalates

Updated : August 05, 2019 11:48 AM IST

The sharp 1.4 percent drop in the yuan came after the People's Bank of China (PBOC) set the daily mid-point of the currency's trading band at 6.9225 per dollar, its weakest level since December 2018.
The shakeout in the yuan comes days after the US President Donald Trump stunned financial markets by vowing to impose 10 percent tariffs on the remaining $300 billion of Chinese imports from September 1.
China lets yuan slump past seven per dollar for first time in over decade as trade war escalates

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