Heightened trade tensions drive USD/CNY rates higher
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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