The US has warned Beijing not to go back to manipulating its currency, following a sharp depreciation of the renminbi since the start of 2014.
“If the recent currency weakness signals a change in China’s policy away from allowing adjustment and moving toward a market-determined exchange rate, that would raise serious concerns,” said a senior Treasury official ahead of this week’s IMF, World Bank and G20 meetings in Washington.
The renminbi has fallen more than 2.5 per cent against the US dollar since mid-February, a small amount for most emerging markets, but a dramatic shift for the Chinese currency following years of slow and steady appreciation. It trades at Rmb6.20 against the US dollar, roughly the same level as this time last year.
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