China’s yuan sinks to record low against the dollar

Chinese currency’s slide comes despite central bank taking steps to prop up its value. China’s yuan has tumbled to a record low against the US dollar in offshore trading, joining a host of currencies experiencing sharp declines against the greenback. The offshore yuan, which is traded outside mainland China, fell to 7.2386 against the dollar on Wednesday, the Bloomberg news agency reported, the lowest since Beijing eased rules on trading the currency in Hong Kong in 2010. The declines come despite China’s central bank on Monday announcing moves to stem the yuan’s decline by making it more expensive to bet against the currency. On Monday, the British pound sank to a record low against the dollar as investors dumped the currency in a vote of no confidence in London’s economic plans, which include huge tax cuts funded by steep increases in government borrowing.