China’s offshore currency hits record high against dollar

China’s currency hit its lowest-ever offshore trading level against the US dollar, with the yuan falling below 7.2 to the dollar for the first time since the launch of a separate currency exchange. the currency outside mainland China more than a decade ago.

This decision caps a fall of around 12% for the offshore yuan against the dollar this year and comes despite repeated attempts by the Chinese central bank to support its currency. The US dollar appreciated against currencies around the world amid a campaign of aggressive interest rate hikes by the Federal Reserve.