https://www.investopedia.com/trading/chinese-devaluation-yuan/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral&yptr=yahoo
On August 5, 2019, the People's Bank of China set the yuan’s daily reference rate below 7 per dollar for the first time in over a decade. This, in response to new tariffs of 10% on $300 billion worth of Chinese imports imposed by the Trump administration, set to go into effect September 1st, 2019. Global markets sold off on the move, including in the U.S. where the DJIA lost 2.9% in its worst day of 2019 to date.
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