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View all search resultsChina's yuan on Thursday fell to its lowest value against the US dollar since the global financial crisis, with the central bank cutting guidance for the sixth successive trading session against a backdrop of intensifying Sino-US trade tension.
The dollar slid broadly on Thursday and the euro firmed after President Donald Trump announced more aggressive-than-expected tariffs against US trading partners, jolting the markets as investors sought safe havens such as the yen and Swiss franc.
President Prabowo Subianto on Monday signed a regulation requiring exporters of resources other than oil and gas to hold all proceeds locally for at least a year, which he said would add US$80 billion to the country's forex reserves.
The dollar surged on Monday, pushing its Canadian counterpart and Mexican peso to multi-year lows while China's yuan slumped to a record low in offshore trading after US President Donald Trump kicked off a trade war by imposing sweeping tariffs.
The Japanese yen gave up some of the safe-haven driven gains on Tuesday as investors grappled with the potential implications of a Chinese startup's free open-source artificial intelligence model, while fresh tariff threats had the euro on the back foot.
The euro was subdued on Thursday after the widely expected collapse of the French government, stoking worries about the region's second-biggest economic power, while bitcoin galloped past US$100,000 for the first time.
Bitcoin's march toward US$100,000 made further ground on Thursday as investors bet a friendlier US regulatory approach to cryptocurrencies under president-elect Donald Trump will unleash a boom era for the asset class.
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