Yuan weakening became the lowest in the last decade in trading on Tuesday (6/8) morning. (*Credit : REUTERS)

Weakening of Yuan is the lowest in last decade!

Siti Fatimah Adri
Politics & Economic
International
Aug 06, 2019
2512
President of United States (US), Donald Trump speech who accused Beijing as a currency manipulator apparently didn’t only mark the tension of a trade war that is heating up between the two world's largest economies. This also caused the fall of Chinese yuan exchange rate in foreign markets to as low as 7,126 per US dollar. Surprisingly, this weakening became the lowest in the last decade in trading on Tuesday (6/8) morning.

Not only Trump, US Treasury Secretary Steven Mnuchin said on Monday (5/8) that the US government found that China was manipulating currencies. For this reason, the US government will engage with the International Monetary Fund (IMF) to eliminate unfair competition from Beijing.

The US attitude also follows Trump's decision to impose an additional 10 percent tariff on US $ 300 billion of imported products from China.

Based on data from China's foreign exchange trading system, the yuan exchange rate strengthened slightly to 6.96 against the US dollar during the day.

On the other hand, the US dollar fell 0.3 percent against the Japanese yen to 105.61. Earlier, the Greenback had slumped to 105.51 yen, the lowest since a January fall that rocked the currency market.

The euro rose 0.3 percent against the US dollar to 1.1238, the strongest level since July 19, 2019.

Source: https://www.cnbcindonesia.com/market/20190805164637-17-89955/setelah-yuan-siapa-lagi-calon-peserta-perang-mata-uang