Renminbi under pressure against USD as world awaits Trump’s tariff policies

As the PBOC sticks to 7.2-level fixing rate, Donald Trump’s administration’s decisions on tariffs will have the largest impact on the currency in 2025.

By Ryan Li

Jan 8, 2025

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The USD/CNY rate stood at 7.33 by time of publication, hitting a 16-month low and continuing its climb into the new calendar year. This is in contrast to the around 7.0 level recorded in September last year, since when the Chinese currency has witnessed continuous depreciation.

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