A record run of declines; its worst performance since last year’s surprise devaluation and eight-year lows plumbed on a near-daily basis. Whichever way you cut it, China’s currency is having a testing month.
However, unlike the infamous devaluation ruckus in August 2015, and the turmoil in markets that followed renminbi weakness in January, investors are not panicking this time. At least not yet.
This month the offshore renminbi has lost 2 per cent, taking its drop to 5 per cent so far this year. On Monday, the onshore rate touched an eight-year low of Rmb6.8991 against the dollar, while the offshore rate reached Rmb6.9181 — another record.
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