China’s offshore yuan weakens past 6.92 per dollar

SHANGHAI : China’s yuan weakened past the 6.92 per dollar level in offshore trade on Wednesday to a near six-year low, Reuters data showed.

It eased to 6.9218, the lowest since the yuan began trading offshore. It later edged back to 6.9195 by 0400 GMT.

The offshore yuan has fallen about 2 percent so far this month amid a surging U.S. dollar, which is triggering fears of capital outflows from China and other Asian emerging markets.

Onshore China, the yuan is hovering near 8-1/2-year lows.