British pound plummets to record low against the dollar

British pound against the US dollar of $1.035 on Monday, plummeting more than 4%.

The slide came in British pound as trading opened in Asia and Australia on Monday, extending a 2.6% dive from Friday.

British pound plummets United Kingdom would impose the biggest tax cuts in 50 years at the same time as boosting spending.

To Recover British pound new tax-slashing fiscal measures, which include scrapping plans for rising corporation tax and slashing the cap on bankers' bonuses.

Former Tory chancellor Lord Ken Clarke criticized the tax cuts on Sunday, saying it could lead to the collapse of the pound.

The euro also hit a 20-year low of 0.964 per dollar.

British pound against the US dollar of $1.035 on Monday, plummeting more than 4%.

The previous record low for the British pound against the US dollar was 37 years ago on February 25, 1985, when 1 pound was worth $1.054.

China's yuan slid 0.5% on the onshore market to the lowest level in more than 28 months. The offshore yuan fell 0.4%.