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Heightened trade tensions drive USD/CNY rates higher

by ChemOrbis Editorial Team -
  • 14/05/2019 (13:13)
The Chinese yuan hit its lowest levels since December 2018 as concerns over the trade war between the world’s two largest economies resurfaced, with both sides raising tariffs.

On May 6, President Trump announced new hikes in a surprise move that escalated the trade war between the two economies after months of positive trade negotiations. The new tariffs on $200 billion Chinese products came into effect on May 10 and China retaliated by placing its own tariffs on $60 billion US goods on May 13.

The Chinese yuan has tumbled by more than 2.5% against the US dollar since last month until now.
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