China’s renminbi has fallen to a seven-month low against the dollar as market concerns over slowing domestic growth and shrinking exports have compounded pressure on the currency from rising US interest rates.
The Chinese currency has been under pressure since the US Federal Reserve began raising rates last year, pushing yields on US Treasuries above those of their Chinese counterparts and prompting global investors to dump holdings of renminbi-denominated debt.
But the renminbi has continued losing ground this month, even after the US central bank opted to skip an interest rate increase in June.
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