Amid Donald Trump's tariff offensive, China lets yuan slide to 19-month low

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Amid Donald Trump's tariff offensive, China lets yuan slide to 19-month low - Business Standard

Quick Summary:

It lowers the price of Chinese goods in dollar terms, making exports more competitive and helping to offset the impact of US tariffs.

Allowing the Yuan to weaken offers short-term relief for exporters and the domestic economy.

Earlier in the day, the People’s Bank of China (PBOC) set the official reference rate — the midpoint around which the currency is allowed to move within a 2 per cent band — at 7.2038 per $.