Offshore yuan hits new record low in volatile trade

LONDON: China's offshore yuan hit a record low above 6.94 per dollar on Wednesday as traders in Europe and North America grappled with a strengthening dollar and signs of accelerating capital outflows from the Asian state in the wake of Trump's US election win.

The offshore yuan fell almost half a percent to 6.9441 per dollar as US currency dealers arrived at their desks, with the currency on track for its heaviest monthly falls in 15 months.

The more tightly controlled onshore rate for the yuan was quoted at 6.9001 per dollar, its weakest since June 2008. Earlier, the People's Bank of China set the midpoint rate at 6.8904 per dollar prior to market open, weaker than the previous fix at 6.8779.