The dollar rose to 14-year peaks as markets expect the US Federal Reserve to hike interest rates next month. China only allows the yuan to rise or fall two per cent on either side of the daily fix, one of the ways it maintains control over the currency. It weakened it for 12 consecutive sessions up to and including Monday, and Thursday's level was the lowest since June 2008. The onshore yuan was quoted at 6.9194 in late morning trading on Thursday, down 0.39 per cent from Wednesday's close of 6.8928, according to the Foreign Exchange Trade System. In August of last year, Beijing suddenly devalued the yuan, causing investors to dump the unit in volumes not seen since 1994 and sparking an outflow of capital from China.

Source: The Nation Bangkok November 24, 2016 05:22 UTC