China’s yuan tumbled on Tuesday to its lowest level in nearly 15 years on Tuesday as investors fled Chinese assets amid fears about Xi Jinping’s dramatic move to tighten his grip on power in a major reshuffle of Communist Party leaders
On the tightly controlled domestic market, the yuan dropped sharply, hitting the weakest level since late 2007. It was last down 0.6% at around 7.3 per dollar. The currency has lost 15% against the US dollar this year.
In trading outside of mainland China, the yuan briefly plunged to around 7.36 per dollar early Tuesday, the lowest level on record, according to Refinitiv, which has data going back to 2010. It later pared losses, trading at 7.33 by 3:35 p.m. Hong Kong time (3.35 a.m. ET).
The currency was pegged at 8.28 to the US dollar for years until 2005 when…