FOREX-Yuan sinks past 7/dlr to over decade low as trade tensions heat up [Reuters]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: Reuters
FOREX-Yuan sinks past 7/dlr to over decade low as trade tensions heat up - Reuters 3 Min Read * Yuan down over 1% on concerns about trade war impact * Aussie near January low, yen hits 7-month high * Graphic: World FX rates in 2019 tmsnrt.rs/2egbfVh By Hideyuki Sano TOKYO, Aug 5 (Reuters) - China’s yuan tumbled more than 1% on Monday to 11-year lows on mounting fears over a sharp escalation in the U.S.-China trade war, sparking a sell-off in other currencies in the region. The broadening fallout of the trade dispute saw investors rushing into perceived safe-haven assets, with the Japanese yen rising to a seven-month peak. The yuan broke through 7 per dollar, which some market players have regarded as a major support level, falling to as low as 7.1097 per dollar in offshore trade and 7.0424 to the dollar onshore. “This could well be the biggest moment for the yuan this year. The impact of U.S.-China trade is turning out to be very big,” said Masashi Hashimoto, senior currency analyst
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MUFG
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- 4/9/24 - Form FWP
- MUFG's page on the SEC website