Onshore yuan hits 7.31 per US dollar

The onshore yuan weakened past 7.31 per US dollar, closing down 106 pips at its lowest level since January 20, pressured by a flight to safety as a global trade war sparked a stock market rout.

The central bank set the yuan’s daily reference rate at 7.1980 on Monday, down 91 pips from the previous fix of 7.1889, marking its weakest level in more than four months.

Traders noted that Monday’s fixing suggests authorities are seeking to keep the pace of depreciation under control.

STAFF REPORTER