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Asia FX Battered by Fed Jitters, Offshore Yuan hits Record Low
China’s offshore yuan hit a new low on Thursday, while most other Asian currencies slipped as fears of more hawkish moves by the Federal Reserve spurred an overnight bounce in the dollar and Treasury yields.
The offshore yuan, the variant of the currency that circulates outside China, fell as much as 0.2% to 7.2790, its weakest level ever to the dollar, before recovering slightly to trade positive.
The currency and its onshore counterpart were hit with fresh selling pressure this week amid growing uncertainty over the Chinese economy. Both units are down about 0.6% this week.