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Chinese yuan hit fresh 11-year low as trade tensions escalate further

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Chinese yuan weakened to a fresh 11-year low against the US dollar on Friday, fuelling concerns that China has given up ending the trade war with the US in the near term and will devalue the currency further to offset the effect of Trump's punitive tariffs on Chinese goods.

The offshore yuan extending its losses to near 400 pips, or about 0.5 per cent in the night session on Friday to hit a low of 7.1327 . . .

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