Currencies
China’s Offshore Yuan Hits Record Low After PBOC Eases Grip
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The offshore yuan fell to its weakest level on record after China eased its tight grip on the currency and the US pushed ahead with 104% tariffs on many Chinese goods.
China’s offshore currency fell as much as 1.1% to 7.4290 per dollar in New York late trading on Tuesday, setting an all-time low since the creation of the offshore yuan market in 2010, before it inched up on Wednesday. The People’s Bank of China had set its daily reference rate for the currency at 7.2038 per dollar on Tuesday, the weakest since September 2023.