The Chinese yuan inched down against the U.S. Dollar

The Chinese yuan inched down against the U.S. Dollar

13 Aug 2019 12:59 PM
 

The Chinese yuan inched down against the U.S. Dollar on Tuesday in Asia. The USD/CNY pair was up 0.1% to 7.0630. On Tuesday, the People's Bank of China lowered its official yuan midpoint for the ninth straight day to 7.0326 per dollar. The yuan has become a focal point since last week when Beijing allowed the currency to fall below 7 per dollar, prompting Washington to officially label Beijing as a currency manipulator, and further escalated the ongoing trade war between the two sides.

All eyes will be on Chinese figures on July retail sales and industrial output due Wednesday to gauge the impact on domestic activity of the long-running tussle with the U.S. Political unrest in Hong Kong that saw the city’s airport halting operations and Sino-U.S. trade concerns sent Asian stocks lower today.

 

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