Chinese yuan hits five-month low against USD, surges to 10-month high versus basket

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Chinese yuan depreciated 0.9 per cent against the USD to the weakest level in more than five months, while its strength pushes it to a 10-month high relative to a basket of trading-partner currencies.

Chinese central bank on Thursday slashed the daily fixing of the currency by 194 pips to 7.0522 per USD, a new low in more than four months.

Traders say that the growing concerns about the fast-spreading coronavirus globally has triggered a strong demand for US dollar, driving the US dollar index to the highest level in . . .

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