The renminbi is on course for its largest annual fall on record against the dollar despite Beijing taking its strongest steps to stem the currency’s decline, as growing monetary policy divergence between China and the US piles pressure on exchange rate stability.
The sharp weakening of the renminbi comes at a pivotal moment for China’s Communist party, which is gearing up for a leadership summit in October where President Xi Jinping is expected to secure an unprecedented third term in office.
The drop of 8.7 per cent against the greenback this year to Rmb6.96 puts the renminbi on track for its biggest annual fall since China abandoned its longstanding currency peg and moved to a managed floating exchange rate in 2005.
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