The Chinese yuan hit an 18-month low in Monday morning trade as concern about its zero-Covid policy and economic slowdown weakened the currency

Overseas investors extended their selling of Chinese shares into April on mounting worries about prolonged Covid-19 lockdowns and Russia's invasion of Ukraine

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

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

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