China's yuan weakens to 6.2325 per dollar, lowest since June
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[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
Share with us your feedback on BT's products and services
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
