China's currency is approaching the "red line" of 6.20 per dollar - a rate that could cause major losses on billion of dollars worth of complex hedging products.
The offshore renminbi rate, or CNH, weakened 0.1 per cent in early trading to 6.1678, extending its decline to 8 sessions. This is its lowest valuation in 10 months.
As the FT wrote last month, currency analysts warn that if the offshore renminbi breaks past 6.20 per dollar, hedging strategies could force banks to call in collateral, accelerating the currency's decline.
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