Chinese Yuan Still Weakening Against the Dollar – Trade Concerns Weigh

USD/CNH

The Chinese yuan continues to weaken against the dollar early on Monday over concerns that the US-China trade deal was getting further delayed. At the time of writing, USD/CNH is trading at 7.088.

Last Friday, US President Donald Trump stated that he was not ready to sign a trade deal with China just yet. He even raised doubts whether the upcoming in-person meetings scheduled for September would deliver progress in negotiations.

Meanwhile, Goldman Sachs foresees the trade war to last till beyond 2020 Presidential elections. The investment bank has also cut its forecast for US economy’s growth as a result of these trade tensions, expecting the US economy to grow at 1.8% in Q4 2019, down from the previous forecast of 2%.

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.

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