Beijing signals determination to defend currency after offshore yuan tumbles to record low. China’s central bank set the yuan’s daily reference rate only slightly lower despite the offshore yuan falling to 7.4290 per U.S. dollar, a record low, signaling a commitment to currency stability amid rising U.S. tariffs.
Asia Daily: April 9, 2025
Beijing signals determination to defend currency after offshore yuan tumbles to record low. China’s central bank set the yuan’s daily reference rate only slightly lower despite the offshore yuan falling to 7.4290 per U.S. dollar, a record low, signaling a commitment to currency stability amid rising U.S. tariffs.