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China let the yuan fall below the pyschological 7. 0 yuan level to the US dollar on Monday, reaching its weakest level in a decade against the Greenback, in response to US President Donald Trump’s latest round of tariffs.
The focus in foreign exchange markets on Thursday was on Asian currencies after the US President announced on his personal account on Twitter that in September, as the next round of negotiations got underway with China, Washington would "start" to impose a 10. 0% levy on the remaining $300. 0bn-worth of Chinese exports which had been exempt from trade tariffs up until now.
