CNY nose dives on escalating US-China trade tensions. USD/CNY opened higher and clocked 14-month high. The USD/CNY pair gapped higher and rose to 6.8724, the highest level since May 25, 2017, on US-China trade worries and weaker PBOC fix. The world’s second-largest economy has threatened retaliation if the Trump administration raises tariffs on the Chinese imports to 25 percent from 10 percent. The escalating US-China trade tensions and the resulting CNY weakness indicates the investors are likely expecting the trade war to inflict greater damage on the Chinese economy. The PBOC likely holds a similar opinion and hence is devaluing the CNY as the weaker currency might help the economy absorb the shock much better. The Chinese central bank weakened the CNY daily fix by 380 basis points to 6.8322 against the US dollar earlier today, practically egging markets to bet against is currency. At press time, the USD/CNY pair is trading at 6.8712. 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 Survey: Less than a third of UK business leaders planning for Brexit – Reuters FX Street 5 years CNY nose dives on escalating US-China trade tensions. USD/CNY opened higher and clocked 14-month high. The USD/CNY pair gapped higher and rose to 6.8724, the highest level since May 25, 2017, on US-China trade worries and weaker PBOC fix. The world's second-largest economy has threatened retaliation if the Trump administration raises tariffs on the Chinese imports to 25 percent from 10 percent. The escalating US-China trade tensions and the resulting CNY weakness indicates the investors are likely expecting the trade war to inflict greater damage on the Chinese economy. The PBOC likely holds a similar opinion and hence… 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.
