China's offshore-traded yuan fell to a fresh five-month low against the dollar on Monday, slipping for the third consecutive day as rising trade tensions between the US and China prompted investors to take bets on further yuan weakness.
The offshore yuan weakened 0.4 percent against the greenback to trade at 6.4595 against the greenback, its weakest levels since mid-January. It fell past a 200-day moving average for the first time since June 2017, a level market strategists said would open the door for more weakness in the Chinese currency.
A decision by the United States on Friday to enact tariffs on $50 billion in Chinese goods was the latest salvo in a widening trade dispute between the world's biggest economies, keeping broader markets on edge.
Comments
Comments are closed.