China’s offshore yuan has fallen to a low level against the US dollar

China’s currency hits record weakest offshore trade level in yuan CNHSD;
Falling below 7.2 dollars for the first time since the introduction of a separate system to trade the currency outside of China ten years ago.

The move includes a fall of about 12% For the offshore yuan this year compared to the dollar and the coming despite repeated attempts by China’s central bank to support the currency. The U.S. dollar gained against currencies around the world during the Federal Reserve’s campaign to raise interest rates.

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