According to the company’s website news release on October 24, 2022, China's onshore yuan slid to a near 15-year low on Tuesday, after the central bank set the lowest mid-point since 2008 following Monday's sell-off in Chinese assets by global investors spooked by signs of President Xi Jinping's growing power.
The onshore yuan CNY=CFXS opened 0.5% lower, and weakened to as much as 7.3076 per dollar in early morning trading, after the People's Bank of China set the midpoint rate CNY=PBOC at 7.1668 per dollar, the weakest since Feb. 15, 2008.
The offshore yuan CNH=D3 weakened to as much as 7.3650 per dollar, a new low.
U.S.-listed shares of Chinese companies slumped on Monday after President Xi's new leadership team sparked investor concerns that ideology-driven policies would be prioritised at the cost of private sector growth.
The overnight sell-off followed slumps in Hong Kong and China shares as foreign investors dumped Chinese assets amid worries about growth prospects.
