August 26, 2019 / 1:42 AM / 6 months ago

China's markets slump on trade war, yuan at 11-year lows

HONG KONG/SHANGHAI, Aug 26 (Reuters) - Chinese financial markets slid in early trade on Monday after Beijing and Washington engaged in rapid-fire tariff escalation over the weekend.

U.S. President Donald Trump announced the additional duty on some $550 billion in targeted Chinese goods on Friday, hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods.

The onshore yuan sold off 0.6% in early trade to 7.15 per dollar, its weakest since February 2008. Earlier, the offshore yuan fell to its weakest level on record at 7.1850 per dollar.

Shares in Shanghai opened down 1.3%, blue-chips fell 1.4%, while Hong Kong’s Hang Seng dropped over 3% at the open.

Chinese 10-year Treasury futures rallied 0.3% in early trade.

Reporting by Noah Sin and Winni Zhou; Editing by Sam Holmes

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