Reported 4 months ago
China's onshore yuan weakened to its lowest level since November as the People's Bank of China allowed the currency to decline against a strong dollar. The yuan dropped to 7.2487 per dollar, with policymakers gradually reducing its daily reference rate to a level not seen in four months. The central bank is navigating between supporting growth and preventing capital outflows, amid pressures from worsening capital outflows and sluggish domestic growth. Other Asian currencies are also under depreciation pressure due to wide yield differentials favoring the dollar and expectations of ongoing US-China trade tensions.
Source: YAHOO