China’s currency slid on Monday to its weakest point in more than 11 years as concerns over the US trade war and the potential for global recession weighed on markets.
The onshore yuan was around 7.1425 to the US dollar in late morning Asian trading, its weakest point since early 2008, but slightly off lows reached earlier in the day.
Global economic tensions have intensified in recent days with the Washington and Beijing raising tariffs on each other’s imports, President Donald Trump calling on US businesses to leave China, and the fracas fueling warnings of a worldwide downturn.
