The renminbi lost further ground against the dollar on Tuesday, putting pressure on China’s central bank to directly intervene and deploy significant foreign exchange reserves for the first time since 2017.
The renminbi’s fall of 11.5 per cent year to date to trade at Rmb7.1631 against the dollar has come as a result of widening policy divergence between a hawkish US Federal Reserve battling inflation and dovish China working to shore up flagging growth.
Beijing has attempted to curb the currency’s depreciation and reassure markets over the country’s economic slowdown, but the renminbi has continued to slide to near a 14-year low.
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