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China's yuan opens at weakest vs dollar since June 2008
December 15, 2016 / 2:23 AM / 9 months ago

China's yuan opens at weakest vs dollar since June 2008

Benjamin Franklin U.S. 100 dollar banknotes and a Chinese 100 yuan banknote with the late Chinese Chairman Mao Zedong are seen in this picture illustration in Beijing, China, January 21, 2016. REUTERS/Jason Lee/File Photo

HONG KONG (Reuters) - China’s yuan opened at its weakest level against the U.S. dollar in more than eight years on Thursday, as the dollar surged to 14-year high after the Federal Reserve raised interest rates as well as rate hike projections.

The yuan opened at 6.9350 per dollar, its weakest since June 2008.

In a closely watched decision on late Wednesday, the U.S. central bank raised the target federal funds rate by 25 basis points to between 0.50 percent and 0.75 percent.

Reporting by Michelle Chen; Editing by Simon Cameron-Moore

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