Chinese Yuan Drops to Lowest Levels Since December 2018

Arslan Butt•Tuesday, May 14, 2019•1 min read

After China’s retaliatory tariffs were announced, the Chinese yuan slipped to its lowest levels since December 2018. The trade war is intensifying and the yuan slid all the way down to 6.92. For now, USD/CNH is trading at around 6.89 at the time of writing.

News reports suggest that China could step in if the yuan slips any further and ends up trading beyond 7 against the US dollar. The slight rise seen in the yuan currently came after Trump offered optimistic remarks that the trade talks with China will be “very successful”.

On Monday, China announced tariffs ranging between 5% and 25% on over 5,000 products from the US worth around $60 billion. This caused the Chinese yuan to suffer its steepest ever decline in a single day since July 2018.

Check out our free forex signals

Follow the top economic events on FX Leaders economic calendar

Trade better, discover more Forex Trading Strategies

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.