Chinese Yuan drops its lowest exchange rate in 10 years

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The Chinese Yuan is now on a critical threshold, dropping to below 6.9225 on Monday to post its lowest rate after a decade of trade against the US Dollar.

The year 2008 was the last time since the Chinese Yuan fell below 7 to the US dollar.

But the Chinese Yuan isn’t alone in the downfall. Some of its Asian neighbors also dropped rates. Japan’s Nikkei decreased by 2.4% while Kospi of South Korea fell 2.2%.

The Shanghai Composite Index also dropped 0.8% as well as Taiwan’s Taiex with 1.1% slide and Australia’s S&P200 with a 1.5% cut.

The trend in the rate drops started after US President Donald Trump announced last week his plan to lash China out with a 10% tariff on $300 billion goods for an exchange, clearly escalating the trade war and exchanging tolls against China.

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