December 15, 2016 / 1:59 AM / 9 months ago

China's yuan opens at weakest vs dollar since June 2008

A bank clerk counts U.S. dollar banknotes on bundles of 100 Chinese yuan banknotes at a branch of a bank in Huaibei, Anhui province April 26, 2012. REUTERS/Stringer/Files

HONG KONG (Reuters) - China’s yuan opened at its weakest level against the U.S. dollar in more than eight years on Thursday, as the dollar surged to 14-year high after the Federal Reserve raised interest rates as well as rate hike projections.

The yuan opened at 6.9350 per dollar, its weakest since June 2008.

In a closely watched decision on late Wednesday, the U.S. central bank raised the target federal funds rate by 25 basis points to between 0.50 percent and 0.75 percent.

Reporting by Michelle Chen; Editing by Simon Cameron-Moore

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