Yuan heads towards 6-year low as capital outflows fuel weakness
Beijing
THE yuan weakened towards its lowest level in six years as the US dollar strengthened and the Chinese government struggled to plug loopholes in capital controls.
The fall in the exchange rate extended a 0.3 per cent slump on Monday that was the biggest in a month. The latest data show that China's foreign exchange reserves dropped last month by the most since January while exports plunged 7.3 per cent, adding pressure for further currency weakness. The yuan slid for a sixth day against a basket of peers.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Saudi Arabia hikes oil selling prices for all grades to Asia
Slowing global economy to mean smaller revenue bump in Australian budget
Emerging-market optimism dashed by Fed as currencies, bonds sink
France’s Macron set to press China’s Xi on trade, Ukraine
Israeli Cabinet votes to shut down Al Jazeera’s local operations
Ukraine eases some wartime capital controls for businesses