China’s Yuan Plumbs Fresh Lows as PBOC Loosens Currency Grip
- Onshore yuan tumbles to weakest level since December 2007
- PBOC isn’t using fix to turn around yuan depreciation: OCBC
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China’s yuan is sliding anew and the People’s Bank of China seems inclined to let it go.
The currency traded in Shanghai weakened to 7.31 per dollar, the lowest since December 2007. That’s after the PBOC set the daily yuan fixing at a 14-year low. The yuan also fell to the lowest in more than a year against a basket of its trading partners’ currencies, a Bloomberg gauge shows.