China’s Yuan hit an 11-year-low amid the Trade War between China and the United States.
European and American stocks ventured higher on Monday following a meltdown in Asia as financial markets seemed to march in lockstep with tweets by US President Donald Trump on the trade front.
The yuan hit an 11-year low after Trump ramped up his trade war with China by hiking tariffs on more than half-a-trillion dollars worth of imports.
But Asian investors later pared steep losses when the president said that a fresh round of talks between US and Chinese negotiators would “start very shortly”.
Report goes on
China’s yuan currency fell briefly to its weakest level since early 2008 at the height of the global financial crisis.
“The gloves are coming off on both sides and as such yuan depreciation is an obvious cushion against US tariffs,” Mitul Kotecha, a senior emerging markets economist at Toronto-Dominion Bank, said.
The flight to safer havens saw gold jump to a six-year high, while the Japanese yen touched its strongest level since the end of 2016.
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