China’s renminbi weakened sharply on Friday to its lowest level this year following an escalation in trade tensions with the US, as President Donald Trump moved to impose additional tariffs on imports of Chinese goods overnight.
The onshore renminbi, which trades 2 per cent in either direction of a daily midpoint set by the Chinese central bank, weakened 0.6 per cent to Rmb6.9374 against the dollar, its weakest level since November.
The offshore renminbi, which trades more freely and had already dropped 0.7 per cent in the previous session, fell a further 0.1 per cent to Rmb6.9590.
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