The yuan weakened past a key level that China had been defending for months, as traders made tentative bets that policymakers are ready to greenlight currency depreciation amid a sluggish economic recovery. The onshore yuan breached the 7.20 per dollar line it had mostly held since November on Friday. The weakness sent ripple effects across Asian markets, accelerating drops in some regional currencies and weighing on sentiment toward China-linked markets. The catalyst for the move was People’s Bank of China lowering its daily reference rate for the managed currency by the most since early February. State banks also ... (full story)