China's Yuan Tumbles To A 3-month Low, As Its Economy Struggles And The Dollar Surges

hrobertson@businessinsider.com (Harry Robertson), Business Insider
Fri, 08/19/2022 - 2:44am

China is grappling with a crisis in its property sector.Getty Images China's yuan dropped to a three-month low on Friday, falling past the key 6.8 level. Investors have flocked to the dollar, while China's economy is coming under major pressure. The country is dealing with a property crisis and a strict zero-COVID policy. China's currency dropped Friday to its lowest level in three months, reflecting the strength of the US dollar and worries about mounting risks to the Asian powerhouse's economy.The onshore yuan, which trades within limits set by China's central bank, fell to just shy of 6.815 yuan to the dollar, according to Bloomberg data.

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