China’s RMB fell to fresh 11-year lows on Thursday amid worries about the deepening Sino-US trade war, despite support from major state-owned banks in both the spot and forwards markets, reported Reuters.
Spot RMB ended the domestic session down 0.34% at 7.0875-per-dollar, its weakest close since March 14, 2008.
Prior to the market opening, the People’s Bank of China, China’s central bank, set the midpoint rate at 7.049-per-dollar prior to market open, weaker than the previous fix of 7.0433.