China's offshore yuan hits record low against dollar

The offshore yuan has hit its lowest level against the dollar on record

The offshore yuan has hit its lowest level against the dollar on record

China's yuan hit a record low against the surging US dollar in offshore trading Wednesday, despite recent efforts by the country's central bank to shore up the currency.

The offshore yuan -- which is circulated outside mainland China and is more freely traded than currency in the domestic market -- fell to 7.2386 against the dollar on Wednesday, according to Bloomberg.