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.
