USD/CNY prints fresh 11-year high above 7.15 on trade tensions. The PBOC fixed the reference rate at 7.0810, down 240 pips from Monday. China’s onshore Yuan (CNY) fell to 7.1592 per US Dollar soon before press time, marking the lowest level since February 2008. The Chinese currency is now reporting almost 4% drop on a month-to-date basis. The Yuan has come under pressure primarily due to escalating Sino-US trade tensions. President Trump softened his tone toward China on Monday, having escalated trade tensions by announcing several tariff measures on Friday. Also, the People’s Bank of China (PBOC) is getting increasingly comfortable with a weaker Yuan. This is evident from the fact that the PBOC allowed CNY to fall below 7 per US Dollar earlier this month. Also, the central bank has been steadily depreciating Yuan via the daily fix. For instance, the PBOC set the Yuan reference rate at 7.0810 today – down 240 pips from Monday’s fix of 7.0570. Pivot points 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 RBA’s Debelle: Threats to free trade system pose “significant risk”, Aussie unfazed FX Street 4 years USD/CNY prints fresh 11-year high above 7.15 on trade tensions. The PBOC fixed the reference rate at 7.0810, down 240 pips from Monday. China's onshore Yuan (CNY) fell to 7.1592 per US Dollar soon before press time, marking the lowest level since February 2008. The Chinese currency is now reporting almost 4% drop on a month-to-date basis. The Yuan has come under pressure primarily due to escalating Sino-US trade tensions. President Trump softened his tone toward China on Monday, having escalated trade tensions by announcing several tariff measures on Friday. Also, the People's Bank of China (PBOC) is getting increasingly… 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.
