The price for China’s yuan fell to as little as RMB6.2279 per US dollar in offshore trading on Tuesday, 1.8% lower than the official rate set by China’s central bank of RMB6.1166 per US dollar, The Wall Street Journal reported. Traders said the currency had weakened as investors, increasingly concerned about the stock market rout’s possible effects on China’s broader economy, have pulled money out of the country during the selloff. Koon Chow, a senior strategist at Swiss private bank Union Bancaire Privée, said traders were worried any spillover could prompt monetary-easing policies, possibly including weakening of the exchange rate to help exporters.
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