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Yen Gains, Yuan Slips as New Tariffs Kick In
The yen climbed and the yuan edged lower after new U.S. tariffs kicked in on Chinese goods and data showed further deterioration in China’s manufacturing sector. Stock futures pointed to a mixed start on Monday, when Treasuries and U.S. equity markets will be shut for the Labor Day holiday. President Donald Trump’s new tariffs on $110 billion in Chinese imports came into effect on Sunday, as did retaliatory levies by China. Investors are still reeling from a volatile August that saw a collapse in Treasury yields and declines for global equities. A drop in the official China purchasing managers’ index on ... (full story)