The People’s Bank of China has set the yuan’s daily reference rate stronger-than-expected for two days in a row, but that’s failed to boost investor sentiment.
HONG KONG: China’s yuan dropped to its weakest since March 2008 as uncertainty over the trade dispute with the US persists.
The currency, which earlier this month breached 7 per dollar for the first time since the financial crisis, weakened 0.15% to 7.0740 per greenback as of 12:30 p.m. in Shanghai, extending a six-day drop to 0.7%, the biggest in Asia. The offshore rate fell 0.27%.
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