The Chinese yuan slumped to a fresh 11-year low against the dollar on Monday and...
The yuan has fallen some 3.6% so far this month as trade tensions between Beijing and Washington worsened.
“This tit-for-tat escalation shows how unlikely a trade deal and de-escalation have become,” Louis Kuijs, of Oxford Economics, wrote in a note late on Sunday.The benchmark CSI300 IndexChinese 10-year Treasury futures CFTZ9 rallied 0.3% in early trade on Monday. Protests on Sunday saw some of the fiercest clashes yet between police and demonstrators since violence escalated in mid-June over a now-suspended extradition bill that would have allowed Hong Kong people to be sent to mainland China for trial.
Markets had expected the PBOC to keep key liquidity rates steady this week, but a cut is expected by mid-September after a policy review by the U.S. Federal Reserve, as Beijing steps up efforts to lower borrowing costs to support growth.
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