China’s currency fell on Thursday to its lowest level since the start of 2017. Investors watched nervously as it moved towards Rmb7 per US dollar — a level not seen since the global financial crisis — and analysts fear it could be a tipping point for further weakness.
What has happened to the renminbi?
The renminbi has been among the worst-performing currencies in Asia Pacific this year. Both the onshore (CNY) and offshore (CNH) currencies are down about 6 per cent, although they have not fared as badly as India’s rupee, which has weakened about 13.5 per cent over this time.
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