China devalues yuan against dollar
The People's Bank of China (CBK) on Tuesday cut another 0.6 percent in the value of the yuan against the US dollar, amid a further worsening of the trade dispute with the United States, according to the regulator.
The central bank has set the exchange rate of the yuan at 6.8365 per dollar, which is lower than 411 points from the average determination, which was announced earlier, when the exchange rate was 6.7954 per dollar.
Against the background of the ongoing trade war with the United States, the Chinese currency has declined significantly since the beginning of the year, and the central bank has confirmed that it will keep the exchange rate at a rational and stable level.
Chinese authorities, including Premier Li Keqiang, repeatedly stated that they will not turn the yuan exchange rate into a tool to respond to the trade dispute.
China plans to impose a US $ 60 billion tariff on US goods after the United States stepped up a bitter trade war with a 200-billion-dollar tariff on Chinese products, the Finance Ministry said on Monday.
According to Reuters, the ministry said in a statement on Monday that China will impose tariffs on 5140 US products from June.
US President Donald Trump on Monday warned China against responding to an increase in tariffs imposed on Chinese goods last week and said US consumers would not pay for any tariff increases.