Economics
Yuan Weakens for Sixth Day on Signs China’s Slowdown Deepening
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China’s yuan fell for a sixth day, touching a 16-month low, on signs a slowdown in the world’s second-largest economy is deepening.
The country’s growth will weaken further, Credit Suisse Group AG’s Chief Regional Economist Dong Tao said at a conference in Hong Kong yesterday, adding that he’s pessimistic on the short-and medium-term outlooks. The current-account surplus was $7.2 billion in the first quarter, compared with $47.6 billion in the first three months in 2013, according to a statement on the State Administration of Foreign Exchange website today. HSBC Holdings Plc cut its yuan estimate today.