China’s struggling economy drags the yuan toward its lowest level of 2023

• The Chinese yuan is trading close to its 2023 lows.
• The currency has plunged 5% this year amid signs of Chinese economic weakness.
• Beijing is battling weaker-than-expected growth, deflation, and plunging exports.

The Chinese yuan is trading close to its weakest level of the year as weak data fuels concerns about the world’s second-largest economy.

The currency tumbled 1% last week and another 0.3% Monday to trade at just under 7.26 yuan per US dollar, according to data from Refinitiv, approaching the 2023 low it set back in June.