Trump has threatened to impose a 100 percent tariff on BRICS members if they pursue creating a rival currency to the US dollar. The bloc, which includes global powers like China and Russia, has been advocating for reduced reliance on the dollar in international trade.

China's renminbi hit a 16-month low amid fears of US tariffs under Trump, despite the PBoC maintaining steady daily rates.

By bno - Taipei Bureau Across the world, global markets are already grappling with the anticipated economic impact of Donald Trump’s promise to increase tariffs as he prepares to assume the US presidency in less than two weeks.