Bitcoin rises 5% as China’s yuan sinks to 11-year lows against US dollar
Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.
China's currency yuan (or renminbi) has plunged to 7.03 a U.S. dollar, a level not seen since March 18, 2008. The exchange rate between the two currencies has weakened by over 2%.
The yuan has dropped to 4,157-day lows after the People's Bank of China (PBoC), the country’s central bank, set its daily reference rate for the currency at 6.9225, the lowest rate since December.
Bitcoin’s price since then has risen by nearly 5% and is currently trading at around $11,561.
The PBoC has reportedly fixed the reference rate as an answer to U.S. President Donald Trump’s tariffs decision. Trump has decided to levy a 10% tariff on an additional $300 billion in Chinese imports from Sept. 1.
TAGS
AUTHOR
Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.
See More
