China's currency weakens again amid a deepening currency row between Beijing and Washington
The trade war between the world's two largest economies — China and the US — has rattled global financial markets.
Financial markets tumbled after Beijing allowed the yuan to fall Monday to an 11-year low against the dollar, breaking through the politically sensitive level of seven to the US currency. Washington responded by declaring officially that China improperly manipulates its exchange rate, opening the way for possible sanctions.
Containers and cargo vessels are seen at sunset at a port in Lianyungang, Jiangsu province, China, March 12, 2019. The yuan's moves over the past week are small compared with fluctuations of the euro and other major currencies. The bank lowered the opening level for trading on Tuesday, but traders were encouraged when it was slightly higher than they expected.
The central bank told companies the slide will stop, "but they haven't seen that today," Chris Weston of Pepperstone said in a report. "This is again proving central to moves across markets in Asia."
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