The Chinese yuan dropped to its lowest level in 17 years against the US dollar on Wednesday.
According to reports, the onshore yuan closed domestic trading at 7.3498 per dollar—its weakest finish since December 2007. This decline comes amid growing tensions in the ongoing trade war between the US and China.
President Donald Trump’s new “reciprocal” tariffs took effect the same day, including a hefty 104% duty on Chinese products.
In response, China is planning urgent measures to support its economy and stabilize financial markets. China has also retaliated with high tariffs on US imports.
While Trump recently indicated he would temporarily ease tariffs on some countries, duties on Chinese goods were instead increased.
