The ongoing increase in tariffs on Chinese goods by the United States has caused panic in the market. Investors are selling off Chinese assets, which is leading to an outflow of capital and a sharp depreciation of the currency. On the night of April 8th, the offshore Chinese yuan hit a new low, dropping from 7.3 to 7.4 against the US dollar, breaking the previous 2022 low and hitting its lowest point since 2007. This is a historic moment.