Trump’s tariffs put yuan shorters back in the game, says petesweeneypro:
China’s benchmark CSI300 stock index declined 6% on May 6 on news that U.S. president Donald Trump had revived threats to apply 25% tariffs to $200 billion in Chinese goods if trade negotiations proved unsatisfactory. On May 10, the White House applied the duties.
The offshore yuan, commonly referred to as the CNH, touched 6.9181 per dollar on May 13, a level not seen since December. The onshore yuan, which is bound by the central bank’s midpoint daily guidance rate, closed at 6.8799. That evening China announced it would impose higher tariffs on a range of U.S. goods, including frozen vegetables and liquefied natural gas.
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