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Chinese economic slowdown pushes yuan to 5-month low

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  © Reuters

HONG KONG -- The value of the yuan traded in China hit 6.2064 to the dollar at one point Tuesday, weakening 0.54% from Monday's closing price to a roughly 5-month low on concerns over the country's lackluster economy.

     Domestically-traded yuan has softened after reaching its strongest rate since March on Oct. 31 at 6.1078 to the dollar. The interest rate cut announced in late November is further driving this trend. The onshore yuan ended at 6.1727 on Monday. It had fallen 0.9% from Friday's close to Tuesday's low -- one of the steepest declines in recent years.

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