China’s Yuan Falls Most in Seven Weeks on Slowdown Signs, Dollar Advance

Bloomberg reports:

The yuan declined 0.11 percent to 6.7824 per dollar as of 11:30 a.m. in Shanghai, the biggest loss since June 22, according to the China Foreign Exchange Trade System. Twelve- month non-deliverable forwards slid 0.33 percent to 6.6920, reflecting bets the currency will strengthen 1.4 percent from the spot rate in a year.

U.S. lawmakers have accused China of keeping the yuan’s exchange rate artificially low, which they claim gives Chinese exporters an unfair trade advantage. Treasury Secretary Timothy F. Geithner said Aug. 4 he will “watch closely” how much the yuan is allowed to appreciate, after saying the previous month the currency was undervalued.

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