China sets the yuan midpoint at 7.0039 per dollar, weakest since April 2008 – CNBC

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China sets the yuan midpoint at 7.0039 per dollar, weakest since April 2008 – CNBC

“China is … right now allowing a little bit of weakening to sort of counteract the tariffs right now,” Kevin Leung, executive director of investment strategy at Haitong International Securities, told CNBC’s “Street Signs” on Thursday. He said that may be because trade negotiations between Beijing and Washington don’t seem to be going very far.

Still, Leung said the yuan is unlikely to go “way above.”

The onshore yuan was changing hands at 7.0436 per dollar on Thursday, while the offshore yuan was trading at 7.0696 against the greenback.

The U.S. and China are embroiled in a months-long trade dispute that escalated last week when President Donald Trump surprised markets by announcing that 10% tariffs on another $300 billion of Chinese goods will come into effect on Sept. 1. Global markets tanked on that news amid signs that the tariff dispute could drag on.

The Chinese currency, also known as the renminbi, has taken a beating since the trade war erupted more than a year ago.

— CNBC’s Eustance Huang contributed to this report.

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