China's yuan hits decade low on trade, economy fears

The Chinese yuan weakened to a decade low on Tuesday on concerns over China's slowing economy and the US trade war, but Beijing was expected to prevent it breaking the psychologically important 7 yuan per dollar barrier. Breaking 7 could further undermine market confidence and potentially trigger fresh US accusations that China was allowing the yuan to weaken to blunt the impact of tariffs that Washington has imposed on Chinese goods. A weaker yuan makes Chinese exports less expensive overseas, ameliorating some of the higher costs brought by the tariffs.

from Yahoo News - Latest News & Headlines https://ift.tt/2ziklZ1