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Yuan Slides as China's Yi Gang Hints No Red Line, Open to Easing

  • Offshore currency tumbles to weakest level since November
  • PBOC may cut interest rate, rising risk of yuan hitting 7: NAB
Views Of Chinese Yuan As Yuan Crunch Spurs Banks to Hoard Abroad as China Curbs Outflows
Photographer: SeongJoon Cho/Bloomberg
Tian Chen and Claire Che
Updated on

The offshore yuan fell the most in more than three weeks, as China’s central bank chief hinted there’s no line in the sand for the currency and that he’s willing to ease policy to protect the economy from trade-war fallout.

The Chinese currency tumbled as much as 0.5%, the most since May 13, before paring its loss slightly to trade at 6.9608 per dollar as of 4:24 p.m. in Shanghai. That’s the weakest level since November.