August 6, 2019 — This week, for the first time in over a decade, China’s currency fell below the psychologically important exchange rate of CNY 7.00 (USD 1.00, EUR 0.89) per U.S. dollar.
The news-making milestone will add to the pessimism in many Chinese boardrooms this summer over the long-term prospects for the country’s economy as the dispute between China and its largest customer – the United States – continues.