China's economic woes mount with the yuan hitting a 16-year low

• The yuan has plummeted against the dollar this year, as China's economy stagnated.
• Now, the struggling currency has dropped to a 16-year low versus the dollar.
• The yuan latest drop came as official data showed Chinese exports declined for the fourth straight month. 

The Chinese yuan fell to a 16-year low against the dollar as fresh economic data fueled concern a slowdown in the world's second-largest economy is deepening.

The onshore yuan declined past 7.32 per dollar Thursday to its weakest levels since 2007, even as the People's Bank of China intervened to curb the slump. 

It's now fallen almost 6% year-to-date, dragged down by signs that China's post-COVID recovery has failed to materialize.