While investors are focused elsewhere, the biggest threat to market stability loiters. China’s renminbi is weakening.
Nothing shocked investors in 2015 as much as the August devaluation of the renminbi. It was enough to halt the dollar bull run and scupper the Federal Reserve’s rate hike hopes.
Now, as investors anticipate the US central bank will finally tighten policy next week, the renminbi is losing steam. While not as dramatic as its August decline, the currency has quietly drifted 1.8 per cent weaker against the dollar over the past six weeks.
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