Bearish Bets Build as China's Yuan Sinks on Trade Spat Concerns
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The onshore yuan sank to its weakest level in five months, as an escalating China-U.S. trade spat hurt investors’ confidence in the currency.
The exchange rate fell 0.16 percent to 6.4474 per dollar, its lowest level since mid-January, as of 12:48 p.m. in Shanghai. That expands the yuan’s discount to the central bank’s daily fixing to a level that’s close to the widest since February, reflecting bearish sentiment.