May 22, 2020 / 8:55 AM / 5 days ago

China's yuan extends losses, weakening to over 7-month low

SHANGHAI, May 22 (Reuters) - China’s yuan extended losses against the dollar on Friday afternoon to the weakest level in more than seven months, pressured by Beijing’s move to impose a new security law on Hong Kong that risked worsening already strained U.S.-China ties.

The onshore spot yuan weakened to 7.1307 per dollar as of 0718 GMT, the weakest since Oct.9, 2019. Its offshore counterpart followed suit, easing to 7.1492 per dollar as of 0718 GMT.

Some analysts said the weakness in the yuan also came as Beijing dropped its annual growth target for the first time since the government began publishing such goals in 1990. (Reporting by Winni Zhou and Andrew Galbraith; Editing by Alex Richardson)

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