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Yuan Nears Six-Year Low

China's currency weakened by capital outflows.

By Bloomberg News | Updated on November 08, 2016

The yuan traded near its lowest level in six years as the government struggles to plug loopholes in capital controls.

The exchange rate dropped by 0.05 percent to 6.7806 per dollar as of 5:15 p.m. in Shanghai, after a 0.3 percent slump Monday that was the biggest in a month. The latest data show China’s foreign-exchange reserves dropped last month by the most since January while exports plunged 7.3 percent, adding pressure for further currency weakness. The yuan slid for a sixth day against a basket of peers.

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