Offshore Yuan Slips as China Sets Weakest Fixing Since 2008
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The offshore yuan declined, edging closer to its weakest on record, as China signaled a looser grip on the currency by weakening the fixing.
The currency dropped as much as 0.3% to 7.3567 per dollar, after the People’s Bank of China set its fixing at a near 15-year-low. The move came after the yuan slid in both onshore and overseas trading on Monday, with the Federal Reserve expected to deliver yet another super-sized rate hike this week.