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Currencies

China's onshore yuan at lowest point since 2008 financial crisis

Currency reacting to strength of dollar in global markets

The onshore yuan opened at 7.1800 per dollar and fell to a low of 7.2302 in early trade on Sept. 28, the Chinese currency's weakest point since January 2008.   © Reuters

SHANGHAI (Reuters) -- China's onshore yuan fell on Wednesday to its weakest level against the dollar since the global financial crisis of 2008, while the offshore trades hit a record low, pressured by expectations of more Federal Reserve rate hikes.

Currency traders said the local currency was reacting to broad greenback strength in global markets as the dollar hit a fresh two-decade peak against a basket of currencies. The dollar has been buoyed by safe-haven demand and a hawkish Fed in recent days.

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