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Yuan Slumps Most in a Month as Depreciation Pressures Intensify

  • China’s currency falls to record low versus basket of peers
  • Foreign-exchange reserves drop by most since January
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The yuan dropped the most in a month after the central bank weakened the currency’s reference rate and the greenback rebounded.

The onshore exchange rate declined 0.33 percent to 6.7764 a dollar as of 6:14 p.m. local time, its biggest drop since Oct. 10, and fell to a record low against a basket of peers. While a slump in the U.S. currency last week gave the yuan a temporary reprieve, data released Monday showed China’s foreign-exchange reserves dropped last month by the most since January as depreciation pressures increased.