Chinese Yuan Still Weakening Against the Dollar – Trade Concerns Weigh
Arslan Butt • 1 min read
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%.