“China’s yuan ends weakest since global financial crisis, hits record low overseas”
SHANGHAI (Reuters) – China’s onshore yuan extended losses on Wednesday to end the intraday session at its lowest level against the dollar since the 2008 global financial crisis, while hitting a record low, pressured by expectations of further rate hikes in the US.
Currency traders said the yuan was reacting to strong greenback strength in global markets as the greenback hit a fresh two-decade peak against a basket of currencies, boosted by safe-haven demand and a counterfeit Federal Reserve. [FRX/]
In onshore markets, the yuan ended the intraday session at 7.2458 per dollar, its weakest close since January 2008 and down 658 pips or 0.91% from its close of 7.18 in late last night.