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Yuan Sinks 1% Against Dollar as Covid-Slowdown Concerns Worsen

  • Currency declines to lowest level since November 2020
  • PBOC sets yuan fixing stronger than expected to slow decline
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The yuan plunged more than 1% against the dollar in China on Monday, outpacing declines in most emerging-market currencies as concerns over the nation’s economic slowdown mount.

The onshore currency fell to a low of 6.7321, its weakest since November 2020, after data showed export growth in April slowing to just 3.9% as Covid outbreaks bite. A lack of notable dollar selling from state-owned banks also weighed on sentiment, according to traders who asked not to be identified as they aren’t authorized to comment on the foreign-exchange market publicly.