China’s Currency, Stocks Stumble
China’s currency tumbled on Monday despite better-than-expected GDP data, as did stocks on both the Chinese mainland and Hong Kong.
The onshore spot yuan closed at 7.2610 per dollar at 4:30 p.m., hitting its lowest since January 2008 and approaching the weaker end of its 2% trading limit around the central bank’s fixing. The People’s Bank of China set the fixing at 7.1230 per dollar, weaker than the recent pattern of around 7.11 per dollar.
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