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China’s yuan closed at its weakest level in over 17 years on Wednesday, following a record-low drop in its offshore counterpart overnight, as tensions from the escalating U.S.-China trade war shook currency markets. The onshore yuan finished the domestic trading session at 7.3498 per dollar, its weakest close since December 2007.
The declines come as a trade war between the world's two largest economies escalates. U.S. President Donald Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including massive 104% duties on Chinese goods.
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