Caixin
Nov 01, 2018 07:44 PM
FINANCE

Caixin Explains: Why 7 Is the Yuan’s Unlucky Number

Photo: VCG
Photo: VCG

* China’s currency has weakened 11% against the U.S. dollar this year, hitting a 10-year low of 6.9670

* The worry is that a break beyond 7 could send the Chinese currency into a vicious cycle in which selling leads to more selling

(Beijing) — The Chinese yuan hit a 10-year low against the dollar this week, pressured by trade tensions with the U.S., signs of slower growth and a narrowing gap between the U.S. Federal Reserve’s and China’s interest rates.

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