China’s currency has fallen below a widely watched level against the dollar, breaking 7 yuan for a dollar for the first time in more than two years.
On Thursday evening in Hong Kong, the more freely traded offshore yuan weakened below 7 to the dollar for the first time since July 2020. That has long been an important level for the currency pair. When the yuan, also known as the renminbi, crossed 7 against the dollar in August 2019, then-U.S. President Donald Trump accused China of currency manipulation.