Currencies
China Sets Yuan Fix at Weakest Since 2023 Amid US Tariff Risk
- Yuan tumbled 1% on Wednesday as Trump victory bolstered dollar
- Yuan may be devalued reaction to any tariffs: Jefferies
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China slashed the daily reference rate for its currency to a level unseen since late 2023, a sign the central bank is allowing depreciation under the threat of trade tensions with the US under a Donald Trump presidency.
The People’s Bank of China set its fixing at 7.1659 per dollar, largely in line with the average estimate in a Bloomberg survey.