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According to analysts, the Chinese currency began its growth on Thursday, August 22. The USD/CNY pair has kept it around 7.0905 but after the statements by US President Donald Trump about America's superiority in the trade war with China, it began to decline steadily. To date, the yuan has reached its lowest level since March 2008.
The fall of the renminbi is not a challenge to the American leader, experts say. They are confident that the Central Bank of China is not interested in a unilateral collapse of the national currency. It is noted that a slight weakening of the renminbi will help China mitigate the negative effects of a trade standoff with the United States.
Chinese authorities fear an uncontrolled collapse of the national currency. Currently, the USD/CNY pair is trading in the range between 7.0931 and 7.0934, while experts expect another update of current lows. The devaluation of the Chinese currency is one of the tactics of conducting a trade war with Washington. However, an excessive weakening of the renminbi can lead to a massive outflow of capital from the country.
Recall that the yuan began to plummet in early August when US President Donald Trump announced the introduction of new tariffs on Chinese goods. Over the next ten days, the Chinese national currency gradually updated the 2008 lows, analysts emphasized.
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