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China's yuan weakens to 6.2325 per dollar, lowest since June

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China's yuan weakened to 6.2325 per dollar in early trade on Wednesday, its lowest level since June, dropping beneath the previous six-month low of 6.2316 seen last Friday, under pressure from a rampant dollar.

[SHANGHAI] China's yuan weakened to 6.2325 per dollar in early trade on Wednesday, its lowest level since June, dropping beneath the previous six-month low of 6.2316 seen last Friday, under pressure from a rampant dollar.

The dollar hovered at its highest in nearly nine years against a basket of major currencies on Wednesday after stunningly strong US economic growth spurred markets to bring forward the timing of a likely hike in interest rates.

The yuan has repeatedly hit fresh lows in December, heading toward its worst monthly performance since February and set to close the year more than 2 per cent lower after Chinese firms turned sharply bearish on the yuan and other depreciating emerging market currencies.

REUTERS

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