BEIJING: China’s Yuan hit a record low against the surging U.S. dollar in offshore trading on Wednesday.
The offshore Yuan – which is circulated outside the Chinese mainland and is more freely traded than currency in the domestic market – fell to around 7.2387 against the dollar on Wednesday.
That is its weakest level since clearing banks in Hong Kong were given the go-ahead to open renminbi accounts freely in 2010.
The U.S. Federal Reserve’s increasingly hawkish tone and expectations of further interest rate hikes to fight soaring inflation have seen investors pile into the dollar, sending it to record or multi-decade peaks against other major currencies.
–The Daily Mail-CGTN news exchange item
