China’s onshore yuan breached the psychological threshold of 7 per US dollar on Friday morning, following the overnight weakening in offshore markets. Photo: Reuters
China’s onshore yuan breached the psychological threshold of 7 per US dollar on Friday morning, following the overnight weakening in offshore markets. Photo: Reuters
Yuan

China’s yuan breaching key level of 7 per US dollar for first time in over 2 years creates quandary for Beijing

  • Onshore yuan opened at 7.0054 on Friday from Thursday’s close of 6.9775 having last weakened to 7 per US dollar in July 2020
  • Analysts attribute the weakening of the yuan to the fast strengthening of the US dollar, with the US Federal Reserve also set to announce a further interest rate increase

China’s onshore yuan breached the psychological threshold of 7 per US dollar on Friday morning, following the overnight weakening in offshore markets. Photo: Reuters
China’s onshore yuan breached the psychological threshold of 7 per US dollar on Friday morning, following the overnight weakening in offshore markets. Photo: Reuters
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