After a nearly 7% selloff so far this year, the yuan is at the brink of hitting 7 per dollar—a symbolic threshold that could spark further selling—if Chinese businesses and individuals decide this means they need to expatriate capital ahead of any further decline. The yuan last traded lower than 7 per dollar in May 2008 in the onshore market, while offshore trading was only introduced in 2010. The currency weakness comes during a roller-coaster week for global markets. Chinese stocks jumped early in the week but reversed course sharply, factoring into a selloff that hit the U.S. market particularly hard on Wednesday. American benchmarks rebounded on Thursday, recouping some losses. Stocks in mainland China and Hong Kong were mixed Friday morning. What It Means The yuan’s decline is a reminder of the diverging directions of the U.S. and Chinese economies. China said last week […]