The offshore dollar-yuan exchange rate fell below 6.98, marking a fourth consecutive quarterly decline and a 4.82% annual drop, as the yuan strengthened despite Chinese authorities' interventions and the US dollar index rebounded modestly in holiday trading.
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Offshore Dollar-Yuan Slides Below 6.98 as Downtrend Accelerates
The offshore dollar-yuan exchange rate fell below 6.98, marking a fourth consecutive quarterly decline and a 4.82% annual drop, as the yuan strengthened despite Chinese authorities' interventions and the US dollar index rebounded modestly in holiday trading.