Disappointing economic data, widening yield differentials with the United States, upcoming corporate dividend payments and continued capital outflows through foreign selling of stocks and bonds have combined to drag the currency down to levels last seen in November
The yuan has depreciated more than 5 per cent against the surging dollar since the highs hit in January, when global markets embraced China’s border reopening, and is one of the worst performing Asian currencies this year. It last traded at 7.0585 per dollar on Friday.
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