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China’s onshore yuan slid to a near 15-year low on Tuesday, after the central bank set the lowest mid-point since 2008 following Monday’s sell-off in Chinese assets by global investors spooked by signs of President Xi Jinping’s growing power.
The onshore yuan opened 0.5% lower, and weakened to as much as 7.3076 per dollar in early morning trading, after the People’s Bank of China set the midpoint rate at 7.1668 per dollar, the weakest since Feb. 15, 2008.
The offshore yuan weakened to as much as 7.3650 per dollar, a new low.
U.S.-listed shares of Chinese companies slumped on Monday after President Xi’s new leadership team sparked investor concerns that ideology-driven policies would be prioritised at the cost of private sector growth.
The overnight sell-off followed slumps in Hong Kong and China shares as foreign investors dumped Chinese assets amid worries about growth prospects.
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