The euro has fallen more than 8 per cent against the dollar since the start of 2017, according to the Bloomberg Billionaires Index, and is at a 16-year low against the pound.
The euro has been hit hard by the fallout from Brexit and is still not performing as well as it once did, although it is starting to catch back up.
However, China has taken a major hit to its economy, with the Chinese economy contracting by 4.6 per cent in the first quarter, according the World Bank.
China’s economy is forecast to shrink by 7.6 percent this year.
While China’s economic slowdown has been well-documented, it has also been accompanied by a surge in xenophobia and the rise of populist and nationalist politics in the country.
The populist-nationalist Nationalist Party of China has surged in power, winning control of three out of the five Chinese provinces.
It is now the largest party in the Chinese parliament, according a report by the New York-based Center for Strategic and International Studies (CSIS).
This week the People’s Daily, the Communist Party’s official mouthpiece, reported the rise in anti-immigrant sentiment in the US.
“China’s Nationalist Revolution has turned the US into a country of immigrants and minorities,” said Xinhua, the state-run news agency.
“Its leaders have begun to talk of turning the US back into a land of its own.”
Trump has previously blamed China for causing the economic crisis, accusing it of manipulating the exchange rate in order to benefit its own industries and companies.