Offshore Yuan Drops Past 7 Per Dollar for First Time Since 2020

The last time the yuan weakened past 7 per dollar was at the start of the Covid outbreak in early 2020, and before that in August 2019 during the trade war with the US. On trade-weighted terms though, according to the CFETS RMB Index, the yuan is just about where it was at the end of December, which some analysts see as relatively expensive against its non-dollar peers.

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