China's yuan hits 16-month low despite firmer guidance

China's yuan hit a 16-month low against the dollar, pressured by trade concerns, falling yields, and a strong dollar. Despite efforts by the central bank to stabilize the currency, the yuan fell past the 7.3 per dollar mark. Analysts expect further depreciation if President-elect Trump's trade tariffs are implemented. The PBOC is expected to manage the pace of depreciation cautiously.