Companies rather than China’s central bank have become the biggest force driving the renminbi lower, according to local traders, marking a decisive shift in trading of the currency, which became a two-way bet last month.
The renminbi’s decline began a month ago with sustained intervention by the People’s Bank of China, but most companies and banks remained on the sidelines in the onshore market, expecting depreciation to be shortlived.
However, traders said important market participants – such as state-owned oil companies and private sector exporters – had capitulated in recent days and were positioning themselves for a weaker currency for longer.
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