TRADE WAR: The Chinese yuan is getting smoked, as are US stock futures and the Aussie dollar

Ian MacNicol/Getty images
  • The US has just announced an additional list of $US200 billion in Chinese imports that could be hit with 10% tariffs.
  • The Chinese yuan has fallen heavily on the news in offshore trade. Other risk assets, including US stock futures, are also trading deep in the red.
  • Chinese financial markets will begin to trade from 11am AEST (9pm ET).

The Chinese yuan is unraveling yet again, falling sharply on news the US has announced an additional list of $US200 billion worth of Chinese imports that could be hit with 10% tariffs.

The USD/CNH has risen to as high as 6.6895 in response to the announcement, well above the lows of 6.5995 struck on Tuesday.

A higher number indicates the yuan has weakened against the greenback.

The move in offshore traded yuan suggests it could be another tricky session for Chinese financial markets after staging a modest bounce over the past few days.

Investing.comUSD/CNH 30-Minute Chart

Like the yuan, other risk assets have also come under pressure, especially the Australian dollar which has fallen 0.6% against the greenback to .7412.

US stock futures are also down by between 0.2% to 0.9% with the largest decline seen in the Dow, that most exposed to foreign trade and earnings.

Mainland Chinese financial markets will begin to open up from 11am AEST (9pm ET).

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