The offshore yuan weakened past 7.26 per dollar, extending losses from the previous session, as sentiment remained subdued following U.S. President-elect Donald Trump's announcement of plans to impose an additional 10% tariff on all Chinese imports.
Offshore yuan extends fall
The announcement raised concerns over potential global trade disruptions, as Trump also plans to implement a 25% tariff on imports from Mexico and Canada. Meanwhile, data showed that industrial profits in China fell 4.3% year-on-year in October, a larger decline than the 3.5% drop in September, reflecting weak demand, deflationary pressures, and struggles in the property sector.
Traders are now focused on China's upcoming PMI data
Traders are now focused on China's upcoming PMI data for further insights into the country’s economic health and to evaluate the effectiveness of Beijing's stimulus measures.
