SHANGHAI: China’s yuan closed at an over six-month low in onshore trade on Tuesday due to growing concerns over an escalating tariff war between the United States and China, as well as other major economies.
The yuan’s decline also followed the central bank’s decision at the weekend to cut the amount of cash some banks must hold as reserves by 50 basis points to spur lending.
The spot yuan opened at 6.5315 per dollar, and struck a low of 6.5630 before ending at 6.5560, its weakest close since Dec. 22.
If the onshore spot yuan ends the late night session at its domestic close, it would have lost 0.26 percent against the dollar for the day.
Its offshore counterpart was on track for its ninth straight day of losses, trading at 6.5644 per dollar as of 0852 GMT.
Source: Brecorder
