Yuan slips near 14-year lows against the dollar

The Chinese yuan fell during Friday’s trading, near its lowest level in 14 years against the dollar, bringing its losses this year to 12.3%.

And according to Bloomberg, market watchers expect further yuan weakness after the Communist Party congress ends this weekend, with the central bank loosening its grip on the currency.

The Deputy Governor of the People’s Bank of China, Pan Gongsheng, confirmed Thursday at a press conference that the bank will keep the yuan at a reasonable equilibrium level.

This decline comes with increasing investors’ concerns about the second-largest economy in the world after the postponement of the release of GDP data for the third quarter.

The dollar rose 0.45% against the Chinese currency to 7.2473 yuan, at exactly 09:11 am Mecca time, to trade near 7.251 yuan, the highest level since 2008.