BEIJING: The offshore yuan inched lower toward 7 per dollar, widening its discount to the onshore rate to the most in more than two weeks, as traders sold the currency on bets it would face stronger depreciation pressures as the year turns.
China’s currency traded in Hong Kong dropped as much as 0.23% to 6.9873 per dollar yesterday. The offshore yuan’s discount to the onshore exchange rate, seen as a gauge of traders’ bearishness on the currency, expanded to as wide as 0.45%, the most since Dec 13 on an intraday basis.
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