China lets yuan slide to support economy

China is letting the yuan weaken against almost all major currencies to support its teetering economy as a trade war with the US deepens. The onshore yuan dropped to levels last seen during the global financial crisis against the dollar on Thursday, before paring the move with China's top leaders set to meet on economic stimulus. The yuan also fell to a 15-month low against a basket of its trading partners' currencies.

Bearish yuan wagers have grown as the People's Bank of China cut its reference rate for the currency for a sixth straight session on Thursday, albeit at a measured pace, signaling Beijing's desire to gradually weaken the managed currency to bolster exports. The fixing rate limits the yuan's onshore trading to a 2% range on either side. Yuan's weakness against a basket of currencies makes Chinese products cheaper relative to other countries' exports, which raises their attractiveness.