Yuan weakens to near three-month low vs. dollar

The yuan weakened against the dollar in trading outside of China on Tuesday amid worries that the government's aggressive moves to salvage a plunging stock market could backfire on the country's economy.

In New York trading, the price for the offshore yuan fell to as low as 6.2279 per dollar, the weakest level since April 13. The level was 1.8% lower than Tuesday's official rate of 6.1166 per dollar fixed by China's central bank.

And the outlook for the currency, also called the renminbi, is dimming. In the forward market, where foreign-exchange rates for a future date are locked in, investors are betting the yuan will weaken to 6.4064 per dollar in a year, a 3% depreciation from the current level.

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