China's yuan slides to weakest level in over a decade. Read more:
NEW YORK - China let its yuan weaken below 7 to the dollar on Monday, an 11-year low, adding to broad risk aversion on concerns about the escalation of the U.S.-China trade war.
“We’ve had a pretty meaningful reaction, where 7 in particular was a level that the market was very sensitive to in dollar/CNY. Now that we’ve broken that, risk appetite has taken a hit,” said Brian Daingerfield, head of G10 FX strategy for the Americas at NatWest Markets in Connecticut. Trump has aimed to weaken the dollar through comments on Twitter that include pressuring the Federal Reserve to cut rates.
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