The currency has plunged 5% this year as Beijing battles deflation, weaker-than-expected growth, and plunging exports.
The Chinese yuan is trading close to its weakest level of the year as weak data fuels concerns about the world’s second-largest economy.
The currency tumbled 1% last week and another 0.3% Monday to trade at just under 7.26 yuan per US dollar, according to data from Refinitiv, approaching the 2023 low it set back in June.
It’s now fallen 5% year-to-date, dragged down by signs that China’s post-COVID economic rebound is sputtering out.
