HONG KONG: China’s yuan weakened further on Wednesday against the US dollar, which hovered near a three-month peak as betting odds rose for former President Donald Trump to clinch a second term in November’s presidential election.
The firmer dollar and rising US bond yields kept up pressure on Asian currencies, including the yuan, even though Beijing stepped up efforts to rescue its economy.
Investors are still digesting the implications of Reuters news about a potential 10-trillion-yuan package of fiscal stimulus measures from Beijing.
The onshore yuan was 0.12% lower at 7.1363 against the dollar by 0400 GMT, after trading in a range of 7.1249 to 7.1368, close to a two-month low. In the previous session, the yuan hit 7.1435, its weakest since Aug. 23.
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