The Chinese yuan fell to its lowest level in 17 years against the US dollar on Wednesday.
According to Reuters, the onshore yuan ended the domestic trading session at 7.3498 per dollar—its weakest close since December 2007.
This drop comes amid rising tensions in the ongoing trade war between the world’s two largest economies. On Wednesday, US President Donald Trump’s new round of “reciprocal” tariffs took effect, including a steep 104% duty on Chinese goods.
In response, Chinese authorities were reportedly preparing to meet soon to consider measures aimed at boosting the economy and stabilizing capital markets.
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China also retaliated with its own heavy tariffs on US imports, escalating the trade conflict further.
While Trump recently signaled a temporary reduction in tariffs on several countries, he chose to raise them specifically on Chinese goods.
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