Yuan Slides to Weakest Level Against Dollar Since 2007 Amid China's Economic Struggles
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Yuan hit its weakest level against the dollar since 2007 amid capital outflow pressures as China's economy struggles.
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The yuan has lost 1% this week and depreciated 6.1% this year due to dollar strength and China's slowing economy.
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PBOC set a stronger than expected yuan midpoint fix on Friday to support the currency.
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Analysts expect further yuan weakness in the near-term but limited as PBOC defends 7.2 level.
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Offshore yuan also weakened to an October 2022 low of 7.3621 per dollar on Friday.
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