Chinese yuan hits record lows against US dollar

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

China's central bank has been trying to slow the yuan's slide by making it more expensive to bet against the currency. The People's Bank of China (PBOC) also cut how much foreign currency banks have to hold.

Many investors see the dollar as a safe place to put their money in times of trouble. That has helped to drive up its value against other currencies_ including the British pound - which hit an all-time low against the dollar on Monday.

Also on Wednesday_ the dollar reached a fresh 20-year high against a closely-watched group of leading global currencies.

The yuan's slide is yet another example of a currency weakening as a result of the strong dollar. It is also about the very different paths China and the United States are taking in response to economic issues at home.

The PBOC has been easing interest rates to revive growth in an economy ravaged by Covid lockdowns_ while the US Federal Reserve is moving aggressively in the opposite direction as it tries to control inflation.