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DirectThe Chinese central bank has set the reference rate of the yuan against the US dollar to its lowest level since April 21, 2008.
The Chinese central bank decided Thursday to set the exchange rate of the yuan to the US dollar at 7,0039 yuan.
Analysts were expecting China to set a reference price of the yuan against the US dollar at 7,205 yuan.
Yesterday, China fixed the exchange rate of the yuan to the US dollar at 6.9996 yuan.
This week, the dollar broke the 7-yuan mark for the first time in more than 10 years, forcing the US government to accuse China of handling the currency.
The latest turmoil in the foreign exchange market comes after the decision made last week by US President Donald Trump to introduce new tariffs on imports from China, worth $ 300 billion. dollars starting next month.
Bank of America Merrill Lynch expects the Chinese currency to fall to a level above 7.5 yuan per dollar if Trump applies tariffs of about 25% on imports from Beijing.
At 8:20 am GMT, the yuan rose 0.2 percent against the dollar to 7.0455 yuan.
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