US$ inches up as investors brace for rate hike

London

THE dollar inched up against a basket of major rivals on Monday, with most major currencies range-bound as investors focused on the prospect that this week will bring the first rise in US interest rates in almost a decade.

China's yuan hit a 4½-year low in onshore trading after the country's central bank again lowered the yuan midpoint rate. That followed Friday's announcement of a new trade-weighted index, which some viewed as a green light for further devaluation of the currency.