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Chinese yuan hits record lows against US dollar

China’s yuan has hit fresh record lows against the surging US dollar.

The internationally-traded yuan fell to its lowest level since data first became available in 2011.

China’s domestic currency also reached its weakest point since the 2008 global financial crisis.

It comes as the dollar continues to rise in value against other major currencies, after the US central bank increased interest rates again earlier this month.

Meanwhile on Wednesday, major stock market indexes across Asia fell sharply.

Japan’s benchmark Nikkei index closed 1.5% lower, while the Kospi in South Korea ended the day down by 2.4%. Hong Kong’s Hang Seng was 2.8% lower.

Writing by Omotola Oguneye