US$ rises to 2-year high; yuan tumbles

Against a basket of its rivals, the dollar rose to 101.86, a level it last tested in March 2020. It was last at 101.76, up 0.7%, its largest daily percentage gain since March 11.

NEW YORK:The U.S. dollar scaled two-year peaks, as a wave of risk aversion hit global markets, while the Chinese yuan posted its largest three-day losing streak in nearly four years on growing worries of an economic slowdown in the world's second-largest economy.

With war in Ukraine entering a third month and growing concerns of a China-wide COVID-19 outbreak sparking a rout in Chinese stocks, investors dumped currency market darlings like the Australian dollar and the offshore Chinese yuan .