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Forex

Yuan plunged 6.6% against dollar in 2016

Beijing tightening guard against capital flight

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The redback lost considerable value in 2016.   © Reuters

SHANGHAI -- The Chinese currency weakened by more than 6% against the greenback in 2016, prompting the central bank to step up monitoring of cross-border transactions out of concern over outflows of capital.

The yuan traded at 6.9495 against the dollar as of 4:30 p.m. on Friday. The 6.6% drop over the course of the year marked the biggest since 1994, when China devalued its currency considerably. The yuan lost ground for a third straight year, softening nearly 13% over three years.

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