The yuan slumped to a more than one year low on Friday while the dollar edged down against major peers after U.S. President Donald Trump expressed concern about the currency’s strength.
The yuan fell after China’s central bank set the daily midpoint for onshore trading lower for a seventh straight day.
Offshore yuan <cnh=d3>dropped more than half a percent to as low as 6.8358 per dollar, its lowest level since June 27, 2017.</cnh=d3>
Later the offshore yuan regained some losses to trade 0.4 percent down, at 6.8212 per dollar, as traders said major state banks bought the yuan.
