Tweet from Trump
Trump has responded to the overnight news of China's yuan falling. The US dollar versus the offshore yuan shot to 7.11 today with the onshore yuan hitting 7.03.
Here's the tweet:
China dropped the price of their currency to an almost a historic low. It's called "currency manipulation." Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!
There is so much to say about the yuan today but this isn't manipulation. China is just letting the market take over. It had been restraining the rise of USD/CNY.
Offshore yuan:
