Caixin
Apr 20, 2022 06:50 PM
FINANCE

Chinese Yuan Extends Drop to Six-Month Low as U.S. Yields Rise

Traffic in Shanghai slowed during a lockdown due to Covid-19 on Tuesday. Photo: Bloomberg
Traffic in Shanghai slowed during a lockdown due to Covid-19 on Tuesday. Photo: Bloomberg

(Bloomberg) — The yuan slipped to its weakest level in six months, pressured by concern surrounding China’s growth outlook and a surge in U.S. Treasury yields.

China’s offshore currency weakened by as much as 0.7% to 6.4230 per dollar in New York trading, its lowest since October 2021. The decline comes as a growing number of traders fear the world’s second-largest economy is becoming snarled in lockdowns — igniting fresh chaos to global supply chains.

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