MARKETS: CHINA: Yuan slumps to 8-year low as dollar extends gains as their central bank lowered the reference rate for the eighth consecutive trading day – SCMP – @AceFinanceNews

#AceFinanceNews – Nov.15: Chinese yuan slumps to 8-year low as dollar extends gains

The yuan continued to weaken on Tuesday, sliding to an eight-year low after China’s central bank lowered the reference rate for the eighth consecutive trading day.

The ongoing drop in its value comes as the US dollar continues its post-election rally.

The US Dollar Index, a gauge of the greenback against a basket of major currencies, traded at 99.53 after hitting one-year high at 100.11 earlier Tuesday morning, as investors anticipate higher government spending and more restrictions on…

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