Shanghai, April 10 -- China's currency slumped to its lowest level against the US dollar in over a year and a half on Tuesday, after the central bank set a weaker-than-expected reference rate amid intensifying trade tensions with Washington, Nikkei Asia reported.

The People's Bank of China's (PBOC) latest move signalled a possible shift in its stance on currency stability, raising market expectations of further depreciation.

The onshore yuan fell to 7.34 per US dollar, its weakest point since September 2023. Meanwhile, the more freely traded offshore yuan also declined, touching around 7.352 per dollar. This came after the PBOC fixed the daily reference rate at 7.2038 -- down from 7.198 the previous day -- setting the stage for the yuan...