China’s renminbi has followed the Japanese yen’s downward path versus the US dollar. Both countries are sticking with loose monetary policies in sharp contrast to the trajectory of the US. But the similarities end there. Chinese companies have more to gain from a weaker currency.
This week marked the renminbi’s biggest slide against the US dollar in three years. China continues to ease monetary policy while the US is expected to accelerate rate rises.
Currency traders expect further weakness soon. Beijing has little leeway for tightening. A credit crunch in the local property sector is well under way. Covid-related lockdowns in wealthy cities including Shanghai should slow this year’s economic growth.
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