The People's Bank of China said on Tuesday it had decided to devalue the yuan's exchange rate to US dollar by 0.6 percent amid the ongoing trade war with the United States
BEIJING (Pakistan Point News / Sputnik - 14th May, 2019) The People's Bank of China said on Tuesday it had decided to devalue the yuan's exchange rate to US dollar by 0.6 percent amid the ongoing trade war with the United States.
The new exchange rate, set by the bank, amounts to 6.8365 yuan per US dollar, while a day earlier it was 6.7954 yuan per dollar.
On Friday, the United States increased the tariffs on $200 billion worth Chinese goods from 10 percent to 25 percent, thus escalating the trade war between the two nations.
The People's Bank of China has been devaluating yuan since 2015, which is viewed by many experts as a tool of stimulation of the country's exports.
During the trade talks with China Washington many times said that it would impose new tariffs on Beijing in case of further devaluation of yuan.
