Offshore Yuan Holds Losses
Akira MotolaThe offshore yuan held its recent decline around 7.35 per dollar, hovering near its lowest level in two months, weighed down by escalating US-China trade tensions.
On Monday, President Trump threatened additional 50% tariffs on China, set to take effect Wednesday, in response to Beijing’s retaliatory measures announced last Friday.
In a statement, China vowed to retaliate further in response if Washington escalates, warning it would 'fight to the end' to defend its interests.
Last week, China announced it would impose a 34% tariff on all US imports starting Thursday, as part of its retaliatory measures, mirroring Washington’s latest tariff hike.
Amid these rising tensions, Chinese policymakers have moved to expedite stimulus measures to boost consumption and stabilize markets, with fiscal support expected to cushion the economy.
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