China’s onshore yuan approached the weaker end of its trading band and the offshore unit fell past the key 7.3 per dollar level following the party congress and the threat of further outflows due to hawkish Federal Reserve bets.
The Chinese currency fell as much as 0.6% in onshore markets to 7.2648 per dollar, which is 1.99% weaker than the People’s Bank of China’s official fixing, the nearest it’s been to the weak-end of the 2% trading band since 2015. The offshore yuan sank as much as 1.5% to 7.3322 per dollar, an all-time low since the unit started trading in 2010.
