China’s yuan slides to 14-year low against dollar after US rate hikes

The yuan fell to 7.2301 to the dollar, its lowest level since January 2008 (Alamy/PA)

China’s yuan has fallen to a 14-year low against the dollar despite central bank efforts to stem the slide after US interest rate hikes prompted traders to convert money into dollars in search of higher returns.

A weaker yuan helps Chinese exporters by making their goods cheaper abroad, but it encourages capital to flow out of the economy.