The Chinese yuan hits its 11-year low against the greenback on Monday as the US-China trade war escalated late last week.
Last Friday when Tump announced an additional duty on some US$550 billion of Chinese good after China said it will impose tariffs on US$75 billion worth of US products.
President Donald Trump also called on US businesses to leave China.
The onshore yuan CNY=CFXS slumped 0.7% on Monday in the first few minutes of trading to 7.15 per dollar, its weakest since February 2008 and its second biggest one-day drop of the month.
The offshore yuan CNH=D3 fell to a record low of 7.1850.
In a separate development, the Chinese central bank injected 150 billion yuan worth of funds into the financial system via its medium-term lending facility on Monday.
The interest rate on the instrument remains unchanged at 3.3%.
While many expect the central bank to keep key rates unchanged this week, it might lower borrowing costs to help businesses survive in September after the US Fed’s policy review.
