Category Archives: Yuan

Trump threatens 10% tariff on China and considers EU levy

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Yuan and Chinese stocks fall despite suggestion of lower tariff than president mentioned during campaign

Donald Trump has threatened to impose a 10% tariff on Chinese-made goods arriving in the US from as early as 1 February, adding that he was also considering levies on imports from the EU.

Ordering an investigation into US-China trade on his second day in office, Trump said any penalties on Chinese goods would be “based on the fact that they’re sending fentanyl to Mexico and Canada”.

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China’s yuan hits 16-month low amid fears over Trump tariffs

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CSI 300 blue-chip stock index also trades weakly, hitting its lowest point since September

China’s currency hit a 16-month low on Monday, despite efforts by the central bank and stock exchanges to soothe investor worries about impending US tariffs under a Donald Trump presidency.

The tightly controlled yuan reached 7.3301 per US dollar, its weakest level since September 2023. It has routinely hit multi-month lows since Trump won the US election, promising massive tariffs on Chinese imports.

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Chinese city giving away 10m yuan in lottery trial of digital currency

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Shenzhen residents can win one of 50,000 ‘red packets’ to spend in local shops

Authorities in the Chinese city of Shenzhen have begun giving away more than 10m yuan ($1.49m) in a citizens’ lottery, as part of trials of a new digital currency.

Almost 2 million people applied to be one of 50,000 randomly selected citizens receiving a “red packet” valued at 200 yuan (about US$30) on Sunday, to spend at 3,800 designated outlets in the district of Luohu. Participants must download the official digital Renminbi app, which is not yet publicly available, to receive the currency for purchases within the next week.

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