SHANGHAI: China’s yuan slipped on Tuesday, retreating from a three-week high against the dollar hit a day earlier, as some investors rushed to book profit amid uncertainty around the US presidential election.
Markets were also anxiously awaiting outcomes of the Federal Reserve rate decision and a meeting of China’s top legislative body this week.
As of 0308 GMT, the yuan was 0.06% lower at 7.1052 to the dollar after hitting a high of 7.0858 per dollar on Monday, which was the strongest level since Oct. 14.
Its offshore counterpart traded at 7.1068 yuan per dollar. Opinion polls show both former President Donald Trump and Vice President Kamala Harris virtually even.
As part of his pitch to boost American manufacturing, Trump has promised voters he will impose tariffs of 60% or more on goods from China.
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