China’s yuan faces heat, as concerns over rising interest rates and a potential recession dented appetite for regional assets. Yuan plunged below 7 level against the dollar for the first time in over two years, as investors continued to fret over slowing growth in the world’s second-largest economy. A series of COVID-related lockdowns ground Chinese economic activity to a halt this year, pressuring the yuan. This spurred several stimulus measures by the government to shore up growth, which in turn further dented the yuan.