Offshore Chinese Yuan Slumps to Record Low as US Yields Surge
- China said to be debating reducing quarantine for travelers
- Yuan may continue to weaken due to a strong dollar: ING
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China’s offshore yuan advanced as the nation’s authorities were said to be considering reducing quarantine requirements for incoming travelers.
The offshore yuan rose as much as 0.5% while the onshore unit backed away from near its weakest level in 14 years. That’s on hopes a potential move by China would encourage travel and boost the economy battered by Beijing’s Covid Zero policy and turmoil in the property market.