The Chinese yuan was set for its biggest drop in 10 months on Monday after U.S. ...
LONDON - The Chinese yuan was set for its biggest drop in 10 months on Monday after U.S. President Donald Trump threatened to raise tariffs on China while perceived safe-haven currencies such as the yen surged amid a broad-based rout for risky assets.
That caught markets off guard, especially coming during a time of low market volatility across asset classes and a recent swathe of economic data that has indicated tepid but steady expansion of the global economy. Other currencies, whose fortunes are closely linked to the Chinese economy, such as the Australian dollar and the New Zealand dollar, declined between 0.3 to 0.5 percent.
“An increase in tariffs would be bad news for risk assets and would threaten the prospect of a global growth recovery,” said Rodrigo Catril, a senior FX strategist at NAB.
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