Yuan Weakens Most Since June as Trading Resumes After Holidays
- Currency drops to lowest level since 2010 amid dollar strength
- Offshore rate fell by similar magnitude during China break
Yuan Fix Weakened to 2010 Levels
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The yuan tumbled the most in four months as China’s markets reopened after a week-long break.
The currency fell as much as 0.46 percent in Shanghai to 6.7051 a dollar, the weakest since September 2010. The offshore exchange rate declined by a similar magnitude during the mainland holidays, while a gauge of the greenback’s strength rallied 1 percent. Until today, China’s central bank was speculated to be keeping the currency stronger than the 6.7 level as it sought to limit capital outflows.