TOKYO — The yuan has depreciated to the lowest level in a decade against the euro, setting the stage for low-cost Chinese goods to flood the European market and create trade frictions between the two sides.
One euro fetched 8.437 yuan during April 22 trading in the foreign exchange market, a rate last seen in July 2014. The yuan has been in free fall since Febru, when U.S. President Donald Trump signed an executive order imposing tariffs on China.
