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Trade war

Yuan breaches 7 per dollar to weakest in decade amid trade war

US-China standoff erodes Asian company profits

Protracted trade tensions have dented the value of the yuan -- and Asian corporate earnings.    © Reuters

TOKYO/HONG KONG -- The Chinese yuan on Monday breached the politically sensitive level of 7 yuan to the dollar, its weakest in more than a decade, in a sign of mounting anxiety over worsening trade tensions and as Asian companies appear to be bearing the brunt of the Sino-American spat.

The yuan's weakness followed President Donald Trump's threat last week to slap additional tariffs of 10% on $300 billion worth of Chinese imports. It underscores nervousness about the impact of the trade war on global growth.

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