August 5, 2019 / 1:35 AM / 18 days ago

China's offshore yuan weakens beyond 7 per dollar, lowest on record

HONG KONG/SHANGHAI, Aug 5 (Reuters) - China’s offshore yuan weakened beyond 7 per dollar in early Monday trade, its lowest level since offshore trading began.

The 7-level was seen as a crucial barrier defended by the People’s Bank of China, and one traders believed was key in stemming any further weakness in the Chinese currency. (Reporting by Noah Sin and Winni Zhou Editing by Shri Navaratnam)

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