June 18, 2019, 22:40

China Forces Yuan Lower Amid Trade War With US

China Forces Yuan Lower Amid Trade War With US

BEIJING (Sputnik) – China’s yuan on Thursday slipped 0.73 percent against the US dollar as the central bank continued weakening the national currency to offset trade losses.

The People’s Bank of China set the average exchange rate at 6.6726 yuan per dollar, up 492 points from Wednesday.

The Trump administration vowed to reduce trade deficit with China by imposing steep tariffs on $34 billion worth of Chinese imports last week and threatened $200 billion in extra duties in September if Beijing does not stop what Washington sees as unfair trade practices.

READ MORE: Trump-China Tariff Battle Jeopardizes Livelihoods of US Auto Workers

Chinese commerce ministry responded to the move by saying that it would take retaliatory measures if Washington imposes the tariffs on Chinese goods “to protect the state’s major interests as well as the core interests of its people.” Beijing also said that it was shocked by Washington’s trade actions, stressing that “the actions of the United States harm China, the entire world but its country as well.”

Source: sputniknews.com

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