Market News
China's yuan hits 2023 lows on signs PBOC is tolerant of some weakness - REUTERS
Summary
- Yuan weakens amid escalating US-China trade war
- Yuan weakness seen counteracting export pressures
- PBOC unlikely to pursue sharp yuan depreciation, analysts say
SHANGHAI, April 8 (Reuters) - China's yuan fell to its weakest level since 2023 on Tuesday after the central bank slightly loosened its grip on the currency in what analysts said was an attempt to counteract the blow to exports from an intensifying global trade war.
The escalating tariff spat between the world's two largest economies showed few signs of abating. U.S. President Donald Trump threatened to increase duties further on China, following their tit-for-tat tariffs on each other's goods last week.
