China’s offshore yuan slumped as traders grew less hopeful that authorities would ease the nation’s Covid Zero policies in the near term and the central bank dialed back its support for the currency via fixings.
The currency slid as much as 1% to 7.2596 per dollar, while the onshore unit lost 0.5%. The yuan pared sharp gains from Friday after health officials reaffirmed their adherence to a strict Covid policy over the weekend.
