Yuan Slides to Lowest Level in Nearly Eight Years

The yuan fell to its lowest level against the dollar in nearly eight years Tuesday, continuing a recent drop that has accelerated since Donald Trump’s victory in the U.S. presidential election. The value of one dollar rose as high as 6.8660 yuan in China’s tightly controlled domestic market during the Asian trading morning, its highest point since Dec. 9, 2008,

during the depths of the global financial crisis. The yuan’s fall came after China’s central bank set its daily reference rate for the currency at 6.8495 Tuesday, up 0.3% from the day before, marking the highest so-called yuan “fix” since Dec. 8, 2008. The yuan is allowed to trade 2% either side of the fix in mainland Chinese markets. CONTINUE