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China's yuan sinks to fresh 11-year low against dollar

Reference rate cut for eighth straight session as Sino-US tensions simmer

The yuan depreciated beyond 7 against the dollar this month for the first time since 2008.   © Reuters

HONG KONG -- The yuan weakened as far as 7.0707 against the dollar in Shanghai on Monday, its lowest since March 2008, strengthening speculation that Beijing is willing to tolerate a gradual decline as trade tensions with the U.S. intensify.

The Chinese currency ended the session at 7.0679 to the greenback.

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