Chinese Yuan Extends Drop to Six-Month Low as U.S. Yields Rise
- Offshore currency weakens as Chinese growth risks loom
- Treasury yields are surging across the curve, lifting dollar
Nearly-empty roads during a lockdown due to Covid-19 in Shanghai on April 19.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
The yuan slipped to its weakest level in six months, pressured by concern surrounding China’s growth outlook and a surge in U.S. Treasury yields.
China’s offshore currency weakened by as much as 0.7% to 6.4230 per dollar in New York trading, its lowest since October 2021. The decline comes as a growing number of traders fear the world’s second-largest economy is becoming snarled in lockdowns -- igniting fresh chaos to global supply chains.