SHANGHAI: China's yuan weakened past the psychologically important 7 per U.S. dollar level for the first time in two years on Friday, pressured by a buoyant dollar and strong market expectations for an even more aggressive U.S. interest rate hike next week.
The yuan had only breached the 7 mark twice since the global financial crisis of 2008. Crossing the level could stoke fear of capital outflows just as authorities want to marshal resources to revive an economy reeling from COVID-19 outbreaks and a weak property market.
Already a subscriber? Log in.
Get 30% off with our ads free Premium Plan!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
