China drops yuan to 11-year low after Trump’s threats

China drops yuan to 11-year low after Trump’s threats

China lets currency sink to 11-year low after Trump threats | USA Politics News

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China drops yuan to 11-year low after Trump's threatsChina drops yuan to 11-year low after Trump’s threats

China allowed its yuan to drop to 11-year lows against the dollar after President Donald Trump threatened to ban U.S. companies from doing business with the country.

The yuan fell Monday to 7.1468 against the dollar, its lowest since January 2008.

Chinese leaders have promised to avoid «competitive devaluation», to contain export prices in the face of Trump’s tariff hike. But regulators are trying to make the state-controlled exchange more market-oriented, and investor concerns about the tariff war are pushing the yuan down..

Trump said Friday he is ordering American companies to end cooperation with China..

China drops yuan to 11-year low after Trump's threats

He later said he was threatening to use emergency powers under a 1977 law that targets rogue regimes, terrorists and drug dealers..

On Monday, Trump said China contacted the US trade authorities to communicate its intention to return to the negotiating table. President of the U.S.A welcomed this news as a very positive event for the whole world.