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CHINA SHOCKS GLOBAL STOCKS

Aug 06, 2019 - City A.M.

CHINA's currency slumped against the dollar yesterday to a level not seen since the financial crisis, sparking a global equities sell-off amid fears of a further escalation of trade tensions.

The renminbi, which the Chinese government lets fluctuate two per cent either side of a set figure, fell to an 11-year low so that one dollar bought 7.0458 yuan late last night.

The dramatic fall came after US President Donald Trump last week slapped 10 per cent tariffs on $300bn (£247bn) of Ch...