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China's offshore yuan falls to nine-month low vs dollar
October 7, 2016 / 1:42 AM / a year ago

China's offshore yuan falls to nine-month low vs dollar

A customer holds a 100 Yuan note at a market in Beijing, August 12, 2015. REUTERS/Jason Lee/File Photo

HONG KONG (Reuters) - China’s offshore yuan fell to nine-month lows against the U.S. dollar early on Friday as the greenback strengthened further overnight.

The yuan touched 6.7182 per dollar, its lowest since Jan. 7.

It has depreciated around 0.6 percent so far this week. The spread between onshore and offshore yuan spot rates has widened to more than 400 pips.

China’s onshore markets are closed for the long National Day holiday from Oct. 1-9.

The U.S. dollar gained on Thursday against a basket of currencies, hitting its highest level in more than two months, as strong labour market data gave support to a possible U.S. interest rate hike later this year.

Reporting by Michelle Chen; Editing by Kim Coghill

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