Dollar today: China devalued and the external pressure on the currency comes back

The Chinese yuan hit its lowest level in eleven years after China last week imposed new tariffs on imports from the United States in the context of the resurgence of the trade war that threatens to put pressure on emerging currencies on Monday.

In this context, the central bank will continue to monitor the exchange rate, which it maintains at around $ 55 on the wholesale market and $ 57 for banks and bureaux de change.

Local uncertainty adds to external climate as IMF officials hold meetings with opposition and opposition representatives and will not move forward if they unlock US $ 5,400 million committed for September as part of the Stand-By Arrangement.

On Friday, Trump announced additional taxes on Chinese goods worth US $ 550 million, in response to China's estimated US $ 75,000 million tariff on imports.

This morning, the yuan depreciated to 7.15 for a dollar, a value that had not been recorded since February 2008. The Chinese authorities have authorized the fall of the yuan, which does not float freely.

As Asian markets collapsed, US President Donald Trump created a climate of calm by announcing that he would conclude a trade pact with China and congratulate Xi Jinping. "They want calm and that's a good thing, frankly.And one of the reasons he is a great leader, President Xi, and one of the reasons why China is a great country is that they understand the workings of life "says Trump.

"China called our sales team last night and said, 'Let's get back to the table', so let's get back to the table and I think they want to do something," added Trump.

"We are willing to solve the problem by consulting and cooperating in a calm attitude and we are resolutely opposed to the escalation of the trade war," said Liu He, Chinese vice premier and l 'advisor. one of Xi Jinping's chief economic advisers.

In this context, equity futures have increased on Wall Street and European stock markets have reduced losses previously suffered. Emerging currencies could be affected by the devaluation of the yuan.

Argentine country risk remained around 1800 basis points, while Leliq's rate was around 75%.