China’s yuan slides to seven-month low against dollar

SHANGHAI: China’s yuan fell to a near seven-month low against the US dollar on Tuesday, as investors returned from a long weekend break to play catch-up with broad greenback strength in overseas markets.

The US currency was supported by higher Treasury yields in the aftermath of surprisingly robust domestic jobs data at the end of last week, which sparked a dramatic paring of bets for Federal Reserve rate cuts this year.

The firmer greenback sent the official yuan midpoint to the weakest level in nearly five months.