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Yuan drops to 6-year-low, yen strengthens


11-10-2016 14:49 BJT

The yuan dropped to yet another six-year low Thursday as the US dollar surged following Wednesday's decline.

The mid point rate of the Chinese currency weakened 53 basis points to 6.7885 against the dollar on Thursday. The yuan plummeted below the 6.83 resistance level in offshore markets.

Meanwhile, the Japanese yen strengthened 20 basis points to 105.45 to the dollar. The Singapore dollar also inched up against the dollar.

Currencies that weakened against the dollar included the Korean won, the Thai baht, the Malaysian ringgit, and the Philippine peso.

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