Economics
Yuan Declines Most in a Week as Data Reignite Economy Concerns
- Currency facing depreciation pressure in medium term: DBS
- Broadest measure of new credit grew the least in two years
Chinese one-hundred yuan banknotes are arranged for a photograph.
Photographer: Tomohiro Ohsumi/BloombergThis article is for subscribers only.
China’s yuan declined the most in a week and sovereign bond yields were near a decade-low as weaker-than-expected data reignited concern over growth in Asia’s largest economy.
The currency dropped 0.11 percent to 6.6405 a dollar as of 5:08 p.m. in Shanghai, paring a decline of 0.24 percent earlier, according to prices from the China Foreign Exchange Trade System. The offshore yuan rose by 0.04 percent, as a gauge of the dollar’s strength declined for a second day. The People’s Bank of China strengthened its daily reference rate by 0.17 percent.