Aug 05 2019
Yuan Sinks Past Seven against the Dollar to over Decade Low as Trade Tensions Mount up
Chinese Yuan fell more than %1 on Monday to 11-year lows on rising fears over a sharp escalation in the U.S. –China trade war, flashing a sell-off in other currencies in the region.
The widening fallout in the trade dispute saw investors rushing into perceived safe-haven assets, with the Japanese yen soaring to a seven-month peak.
The U.S dollar was on the back foot against traditional safe-haven currencies.