The onshore yuan fell to the weakest level against the dollar since the global financial crisis in 2008, amid an incessant advance in the greenback and speculation China is toning down its support for the local currency. The onshore yuan weakened to 7.2409 per dollar, a level unseen in 14 years, while the offshore unit slid to an all-time low in data going back to 2010. The People’s Bank of China set the yuan fixing at 444 pips stronger than the average estimate in a Bloomberg survey. The strong bias was the smallest since Sept. 13, a sign that Beijing may be easing its support for the currency amid the greenback’s surge and a plunge in global exchange rates. “The fix allows more room for market forces to drive the yuan based on monetary policy divergence and market momentum,” said Fiona Lim, senior foreign exchange strategist at Malayan Banking […]