Economics
On Devaluation Anniversary, Yuan Heads for Ninth Weekly Drop
- Slide continues even after PBOC moved to support the currency
- Yuan has tumbled over past 3 months as Asia’s worst performer
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Three years after China’s shock currency devaluation forced the nation into a months-long campaign to prevent a disorderly collapse, the yuan is set to extend its record weekly losing streak.
The yuan rose this week before erasing those gains on Friday afternoon amid concern Turkey’s problems may spill over. China’s currency fell 0.56 percent to 6.8563 per dollar as of 5:05 p.m. in Shanghai, extending its longest string of weekly losses against the dollar since the modern exchange rate regime was adopted in 1994. The offshore yuan was also set to drop this week.