The gap between the renminbi’s two exchange rates has widened to a record, fuelling speculation that Beijing intends to allow its currency to depreciate at a faster rate than previously seen.
The spread between the offshore market and the more tightly controlled onshore market is an embarrassment for the People’s Bank of China, which pledged in August to narrow the gap as part of its efforts to make its currency “freely usable”.
Investors around the world are worried that an unexpectedly fast depreciation will destabilise China’s economy. Some also fear it could trigger a wave of competitive devaluations across the region.
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