SHANGHAI/HONG KONG: China’s yuan fell to an 11-year low against the dollar on Monday and stocks dropped as the Sino-U.S. trade war sharply escalated, threatening to inflict more damage on the world’s largest economies.
Share prices also tumbled in Hong Kong as trade tensions mounted and after a weekend flare-up in violence during anti-government protests, Reuters reported.
The onshore yuan CNY=CFXS slumped as much as 0.7% in the first few minutes of trading to 7.15 per dollar, its weakest since February 2008 and its second-biggest one-day drop of the month. The offshore yuan CNH=D3 fell to a record low of 7.1850.
(Agencies)
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