The Chinese telecoms company has been accused by the Enforcement Directorate of making illicit remittances. The Indian agency described its claims of coercion as 'baseless'.

An Indian court granted relief on the seizure, provided that Xiaomi inform Indian authorities of fund transfers such as royalty payments, a source said

JPMorgan has cut its yuan forecasts twice in a week, and analysts at Standard Chartered, HSBC and others have also turned bearish on the Chinese currency

The yuan has fallen 4.6% this month to 6.63 yuan per dollar in the biggest percentage fall since the currency was released from its peg to the greenback in 2005

The central bank risks upsetting the public as the weak yen drives up the price of imported goods going into Japan's upper house election expected on July 10

Sentiment was undermined by fears strict lockdown measures will spread to Beijing, after the capital required everyone living or working in Chaoyang district to take Covid tests this week

Though deputy chief cabinet secretary Seiji Kihara repeated Tokyo's common refrain that sharp moves in currency rates were undesirable

But falls were limited by China surprisingly keeping its benchmark lending rates steady for the third straight month at its April fixing

The greenback hits a 20-year high on the yen and tests a two-year peak on the euro, backed by high Treasury yields and expectation of good economic data; Investors are betting the yen will fall further

The yen has dropped about 10% against the dollar this year and worsened inflationary pressures in Japan amid a spike in commodity and oil costs, and supply snags made worse by war in Ukraine

Traders bought the yen on Kuroda's comment, and helped push the dollar down by 0.22% to 126.28 yen on Monday

Prime Minister Fumio Kishida also said the recent rise in domestic inflation was due mostly to the global spike in crude oil and raw material costs, rather than the weak yen