The U.S. dollar edged up against the yuan and growth-leveraged currencies on Wednesday after a source familiar with the Trump administration’s plans said the White House was about to propose higher tariffs on $200 billion in Chinese imports.
The news came as a survey showed China’s factory sector grew at the slowest pace in eight months in July as export orders declined yet again.
The dollar added 0.4 percent to 6.8306 yuan <cnh=>after reports circulated President Donald Trump would propose tariffs of 25 percent, instead of 10 percent, in an announcement that could come as early as Wednesday.</cnh=>
The yuan has now fallen for four months in a row and China’s central bank on Wednesday set the currency at its weakest since May last year.
