HONG KONG: China’s yuan slid past the key 7.3 threshold to a 14-month low against the dollar on Friday, as crumbling yields, rate cut expectations and the threat of tariffs from the incoming Trump administration dented sentiment.
The spot yuan capped a fourth straight weekly loss in a stumbling start to the new year after shedding 2.8% in 2024. That was its third straight annual decline, reflecting most currencies’ struggle against a strong dollar.
The spot yuan closed the onshore trading session down 0.14% at 7.3093 on Friday, its weakest level since Nov. 3, 2023.
Worries about the Chinese economy carried into the new year, with stocks plunging nearly 3% on Thursday, the first day of trading in 2025.
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