The drop, which followed US President Donald Trump’s sweeping tariffs in imports from dozens of nations, marks its weakest level since clearing banks in Hong Kong were permitted to freely open renminbi accounts in 2010.
The offshore yuan is circulated outside China and is more freely traded than the currency in the domestic market.
The onshore yuan, whose trade is regulated by Beijing, dropped against the US dollar as well. It fell by 0.4 per cent to 7.33 yesterday after the country's central bank set the mid-point rate—around which the yuan is allowed to trade in a 2-per cent band—at the weakest level since September 2023, global newswires reported.
The Chinese currency was trading at 7.3965 offshore this morning.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
