Economic news

New China tariffs hurt yuan, Australian dollar

China's yuan sank towards an 11-month trough and the Aussie dropped on Wednesday after the Trump administration expressed its intention to impose 10 percent tariffs on $200 billion worth of Chinese imports in a rising trade war between two biggest world's economies.

Photo: Reuters

The offshore Chinese yuan slumped more than half a percent to 6.6918 a dollar, edging towards to 11-month trough of 6.7344 hit on July 3.

The Australian dollar declined 0.7 percent to $0.7404 from this week’s top of $0.7484, its strongest point in more than three weeks.

The euro slid 0.1 percent to $1.1731 versus its U.S. counterpart while the dollar index advanced slightly to 94.201.

The yen had firmed in morning deals pulled back and was unchanged against the dollar at 111.03 yen. The greenback had touched a seven-week peak of 111.355 yen in the previous session.

The pound traded at $1.3272, steady on the day, as political concerns eased following large resignations earlier this week.

The Canadian dollar slipped 0.2 percent to C$1.3137 before an anticipated interest rate increase by the Bank of Canada.

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