The offshore yuan just touched a record low.
The currency is down by over 0.2% to 6.7858 per dollar as of 10:08 a.m. ET. The prior record low of 6.7850 was reached on September 2010.
Meanwhile, the onshore yuan has dropped past the 6.7 level earlier in October and has continued declining over the course of the month. It is currently down by 0.2% at 6.7778 per dollar.
The onshore yuan (CNY) is traded in mainland China, while the offshore yuan (CNH) is traded outside the mainland. The key difference between the two is that the CNH does not fluctuate within a tight band like the CNY, and it is free of China’s controls.
(For a more detailed explainer on the CNH versus the CNY head over here.)