US$ near 9-month high, offshore yuan hits low

London

THE US dollar trod water on Tuesday but stayed close to a nine-month high, as solid US manufacturing activity and comments from a Federal Reserve official heightened expectations of a rise in interest rates by year-end.

China's yuan hit its lowest against the dollar since offshore trading was introduced in 2010. The dollar has gained almost 4 per cent against a basket of six major currencies in the past month alone.