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Home / Business / Yuan midpoint hits 11.5 years-low as several US and China tariffs kick in by Investing.com

Yuan midpoint hits 11.5 years-low as several US and China tariffs kick in by Investing.com



© Reuters.

Investing.com – The US dollar gained some ground over the weekend as the Japanese yen weakened as new tariffs came into force in both the US and China, marking the next step in their ongoing trade dispute.

kl. 106.20 by 22:06 ET (02:06 GMT), down 0.08%. Last week, the yen had strengthened as much as JPY105 to the USD.

People's Bank of China (PBoC) set the low point of trading for CNY to a low level not seen for more than eleven and a half years at $ 7,0883, which is lower than the previous midpoint of 7.0879 and the weakest since March 2008.

On Sunday, tariffs of 1

5% of $ 110 billion were entered in China, while retaliatory tariffs from China also kicked off over the weekend.

The Chinese currency was also squeezed by the latest National Bureau of Statistics (NBS) data which on Saturday reported that the official industrial purchasing index came in at 49.5 for August, down from 49.7 in July.

However, (PMI) registered an increase to 50.4 in August (with a number over 50 signal expansion) up from 49.9 in July.

The official increased for the first time in five months to 53.8 in August from 53.7 in July.

"China's manufacturing sector showed an improvement in August, mainly due to improved production activity," Zhong Zhengsheng, director of macroeconomic analysis with CEBM Group, told Caixin, a mainland China publication. "However, general demand did not improve, and foreign demand fell especially."

It was down 0.09% to 98.83.

U.S. markets are closed Monday for Labor Day holidays.

The pair was flat on 1,2157 when the fallout of Prime Minister Boris Johnson's decision to suspend Britain's parliament for more than a month began to become apparent.

The pair was down 0.02% to 0.6731 and the pair traded up 0.02% to 0.6307.

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