Yuan Drop Steepens Amid Speculation China Allowing Depreciation

Yuan Drop Steepens Amid Speculation China Allowing Depreciation

From bnnbloomberg.ca

China’s currency weakened, extending a slide that’s made it one of the worst performers in the world in the past month, amid increasing tensions with the U.S. The offshore yuan slid as much as 0.35% to 7.1698 per dollar on Wednesday, taking its four-week decline to 1%. That’s the biggest drop among at least 32 major currencies after those in Peru and Argentina. The offshore rate is edging toward its record low of 7.1965 per greenback set in September last year. There are signs Chinese authorities are content to allow the yuan to fall as the U.S. administration steps up its criticism over Beijing’s initial ... (full story)

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