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Trade war

Yuan continues descent as Beijing turns a blind eye

Weak currency to help China weather trade tensions with US

The yuan fell to a seven-month low on Friday.   © Reuters

HONG KONG/BEIJING -- The Chinese yuan suffered one of its worst monthly declines this month as a U.S. rate hike, a domestic economic slowdown and rising trade tensions stoked investor anxiety.

The currency traded at 6.62 yuan against the U.S. dollar at the end of Friday's session in Shanghai, falling more than 3% during the month of June to a level not seen since November. The drop was worse than the 2.7% decline seen in August 2015, when the government abruptly devalued the currency.

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