China’s foreign currencies hit a record low against the dollar

China’s currency posted its weakest ever foreign trade against the US dollar, with the yuan falling below 7.2 against the dollar for the first time since a system A separate system for trading currencies outside of mainland China was introduced more than a decade ago.

The move limits the decline to about 12% against the dollar abroad this year and comes despite repeated efforts by China’s central bank to support its currency. The US dollar has appreciated against world currencies amid the Federal Reserve’s aggressive interest rate hike campaign.

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