China’s renminbi weakened to a new 11-year low and stock markets in Asia-Pacific turned sharply lower after US-China trade tensions worsened further over the weekend.
On Monday morning, the onshore renminbi weakened as much as 0.8 per cent against the dollar to its lowest since February 2008 following comments from the White House that US President Donald Trump’s only regret was not raising tariffs more than he had already.
The currency has weakened 3.7 per cent in August, putting it on track for its worst month since it moved to a managed floating exchange rate in 2005. The offshore renminbi, which is more freely traded, weakened as much as 0.7 per cent to Rmb7.1858 to the dollar, a new record low.
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