Last week the renminbi did something it had not done for years – it shocked the market.
During the final three trading sessions of the week, the Chinese currency dropped as much as 1.3 per cent against the US dollar, marking its biggest three-day fall since 2011. The renminbi is now 0.6 per cent weaker against the dollar than it was at the start of the year.
While the percentage decline may appear small compared with some of the recent double-digit swings in other emerging market currencies such as the Argentine peso or Kazakh tenge, a move of such magnitude in the renminbi is highly unusual.
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