China's offshore yuan hits record low against USD on Apr 8

09 Apr '25

1 min read

China's offshore yuan hits record low against USD on Apr 8

Pic: Shutterstock

Insights

China's offshore yuan—circulated outside China and more freely traded than the currency in the domestic market—hit a record low against the USD yesterday as US-China trade tensions escalated.
It fell to $7.3948 in late afternoon, before falling further.
The onshore yuan fell by 0.4 per cent to 7.33 yesterday after the central bank set the mid-point rate at the weakest level since September 2023.

China's offshore yuan hit a record low against the US dollar yesterday as US-China trade tensions escalated. It dropped to $7.3948 in late afternoon, before falling further.

The drop, which followed US President Donald Trump’s sweeping tariffs in imports from dozens of nations, marks its weakest level since clearing banks in Hong Kong were permitted to freely open renminbi accounts in 2010.

The offshore yuan is circulated outside China and is more freely traded than the currency in the domestic market.

The onshore yuan, whose trade is regulated by Beijing, dropped against the US dollar as well. It fell by 0.4 per cent to 7.33 yesterday after the country's central bank set the mid-point rate—around which the yuan is allowed to trade in a 2-per cent band—at the weakest level since September 2023, global newswires reported.

The Chinese currency was trading at 7.3965 offshore this morning.

Fibre2Fashion News Desk (DS)

More Textiles News - China...