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China’s Offshore Yuan Falls to Lowest Since 2022 in Thin Trading - BLOOMBERG
(Bloomberg) -- The offshore yuan tumbled sharply on Tuesday, briefly falling to the lowest level against the US dollar in more than two years, before paring the decline.
The currency fell as much as 0.7% to 7.3695 per dollar, the lowest level since Oct. 2022. It traded 0.4% weaker at 7.3416 as of 10:23 a.m in London.
There was no apparent driver for the move, which was likely the result of thin volumes on the final trading day of the year.
Earlier, President Xi Jinping said China’s gross domestic product is expected to expand around 5% for the full year of 2024, signaling the world’s second-largest economy is on track to meet its official target.
