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China’s yuan falls to lowest level of 2018, suffering longest losing streak in two years
China’s yuan suffered its longest losing streak in two years, falling for an eighth straight session early on Monday morning to its lowest level of 2018. Analysts expect it to slip further, down to between 6.55 and 6.6 in the near future, in light of the China-US trade dispute showing no signs of easing and the People’s Bank of China signalling it will let the currency weaken more. The offshore yuan traded 0.36 per cent lower than Friday’s close, and down 2.3 per cent from its level of 6.3876 on June 13, the day before the PBOC’s decision not to follow the US Federal Reserve in raising the interest rate rise ... (full story)