Yuan Falls to Six-Year Low Amid Concern Trump Will Target China
- PBOC sets reference rate stronger than Mizuho Bank expected
- Trump could hurt China exports, favor higher U.S. rates: DBS
A Different China Awaits Trump
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The yuan slipped to a six-year low as concern about China’s trade relationship with a more protectionist U.S. provided a new reason to sell the currency that’s heading for a third annual loss.
The exchange rate fell 0.21 percent to 6.7923 per dollar at 5:13 p.m. in Shanghai, heading for its lowest closing level since September 2010, and extending its drop this year to 4.4 percent. China’s central bank barely weakened its yuan fixing even after a 1.4 percent surge by the Bloomberg Dollar Spot Index on Wednesday, helping the Asian currency rally against a basket of peers.