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Currencies: Haven currency rise as China’s yuan hits 2-year low

China’s currency fell further this week, reflecting heightened investor caution about the nation’s slowing economic growth and an intensifying trade conflict with the U.S.

The yuan USDCNH, +0.0503% hit 6.9725 per dollar in offshore trading on Friday, its weakest in nearly two years. The currency has fallen against the greenback each day this week, and on Thursday sank past a prior low from August. The yuan extended declines Friday after China lowered the currency’s daily trading range against the dollar for onshore trading.

After a nearly 7% selloff so far this year, the yuan is at the brink of hitting 7 per dollar—a symbolic threshold that could spark further selling—if Chinese businesses and individuals decide this means they need to expatriate capital ahead of any further decline.

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