(Bloomberg) — China’s offshore yuan tested the weakest level on record on speculation the government would be willing to permit a weaker currency in response to fresh punitive measures from the U.S.The offshore rate dropped as much as 0.7% to 7.1965 per dollar on Wednesday, the lowest since Sept. 3 2019, when it reached an all-time low. Losses have steepened in recent weeks as the Trump administration stepped up rhetoric against China’s Communist Party over its handling of the coronavirus — and its intention to crack down on dissent in Hong Kong.The exchange rate has become a focus of the …read more
Source:: Yahoo Finance
