By Admin 
Yuan falls to 2007 lows: Amidst the Global Tariff War, US President Donald Trump put a brake on the rest of the world for 90 days on the tariff for 90 days, while on the other hand, the tariff over China was increased from 104% to 125%. This trade war between the US and China had a very bad effect on the currency market. This move of America is seen to be the power of China. China’s currency yuan reached the lowest level of 17 years on Wednesday.
Yuan reached 7.3498 against the dollar, which is the biggest decline since December 2007. Sources aware of the entire case told the news agency Reuters that the top leaders of China plans to hold a meeting on this entire issue as soon as possible, so that the next steps can be taken from which the economy and the capital market can be promoted.
The source, who is aware of this entire matter, further told the Reuters that despite the tariff pressure of America, the Central Bank of China will not let its currency yuan fall so much. In such a situation, it has been told to all the public sector banks of the country to minimize the purchase of US dollars.
Chinese expert said that until the high -rate tariff is withdrawn from the US, it will mean that China’s export to America will be halved. This will directly affect China’s GDP, unless the export of China is done to another country. Earlier, in the last season, the Yuan had fallen by 1% in the Asian market to a record low of a record 7.4288.
Here, the US stock market was shocked by the announcement of a break on tariffs for 90 days on the rest of the world except China from America. According to Bloomberg report, S&P closed at the upper level of 9.5 percent while Nasdaq climbed 12% to gaining 100 points. Along with this, Dow Jones Industrial Average saw a jump of about 7.9 percent. About 30 billion shares were traded in a day, which is a one -day record figure.
Also read: US stock market buzzed with 90 days break on Trump’s tariff, 12% jumped NASDAQ, S&P record gains