In relation to the US dollar, the Chinese yuan dropped to its lowest level in 17 years on Wednesday.
The onshore yuan closed Wednesday’s domestic trading session at 7.3498 per dollar, its lowest level since December 2007, according to Reuters.
The development coincided with tensions rising in the trade battle between the two biggest economies in the world.
The “reciprocal” tariffs imposed by US President Donald Trump on a number of nations worldwide, including hefty 104% penalties on Chinese goods, went into effect on Wednesday.
Stakeholders in China were scheduled to gather shortly to propose policies aimed at stabilizing the capital markets and bolstering the nation’s economy.
China has responded to Trump’s contentious tariffs by imposing high taxes on U.S. products.
Trump raised tariffs on goods from China even though he claimed he would temporarily reduce the charges previously placed on numerous nations worldwide.