USD/CNH rises above 7.00 for the first time on record. Offshore Yuan is losing ground on escalating Sino-US trade war. USD/CNH jumped above 7.00 soon before press time and hit a high of 7.0436. The offshore Yuan (CNH) is taking a beating on escalating trade tensions. The US President Trump abruptly announced on Thursday that the US will impose an additional 10% duty on Chinese goods worth $300 billion, ending the month-long trade truce. China has vowed to fight back if the new US tariffs take effect from Sept. 1 as planned. At press time, the USD/CNH pair is trading at 7.0290. The slide in China’s Yuan could weigh over Asian currencies and worsen the risk aversion, leading to bigger gains in the already strong safe-haven assets like gold and Japanese Yen. As of writing, the USD/JPY pair is trading at 106.03, representing 0.50% losses on the day. Also, 106.03 is the lowest rate since Jan. 3. Meanwhile, gold is changing hands at $1,445, up 0.28% on the day. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD technical analysis: 0.6500 flashes on sellers’ radar FX Street 4 years USD/CNH rises above 7.00 for the first time on record. Offshore Yuan is losing ground on escalating Sino-US trade war. USD/CNH jumped above 7.00 soon before press time and hit a high of 7.0436. The offshore Yuan (CNH) is taking a beating on escalating trade tensions. The US President Trump abruptly announced on Thursday that the US will impose an additional 10% duty on Chinese goods worth $300 billion, ending the month-long trade truce. China has vowed to fight back if the new US tariffs take effect from Sept. 1 as planned. At press time,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
