SHANGHAI — The Chinese yuan edged closer to a 17-year low against the U.S. dollar on Wednesday, threatening to escalate the trade war even further as U.S. President Donald Trump criticized Beijing for manipulating its currency.
The onshore yuan, which trades within a 2% range of a reference rate fixed by the People’s Bank of China, fell to 7.35 per dollar in the morning. That is the lowest level since December 2007 on a closing price basis, and just shy of the intraday figure of 7.351 per dollar touched in September 2023, according to data provider Wind.
