Yuan hits weakest level of this year

The Currency of China - Renminbi or RMB or Yuan notes spread out on the table. Money exchange. - Görsel
Yuan hits weakest level of this year

The Chinese onshore yuan has lost value, seeing the weakest value for 2019 following the China’s central bank governor’s remarks and low trade data in imports and exports. According to CNBC, the onshore yuan hit 6.9352 level against the dollar in the morning.It was around around 6.90 levels last week. Both onshore and offshore yuan have lost over 2 percent value since U.S. President Donald Trump raised tariffs on $200 billion worth of Chinese goods in early May. Cited by Bloomberg, Governor Yi Gang said, “There is obviously a link between the trade war and the movements of renminbi.” “The trade war would have a temporary depreciation pressure on renminbi, but you see, after the noise, renminbi will continue to be very stable and relatively strong compared to emerging market currencies, even compared to convertible currencies,” he added.