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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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