China's renminbi has sunk to its lowest level since October 2012 as the idea of a "one-way bet" on currency appreciation collapses.
On Friday the renminbi fell 0.17 per cent — the biggest downward move for the tightly-controlled currency in a month — to 6.269 per dollar.
The move was driven by the People's Bank of China, which "fixes" the currency's mid-rate each day, allowing investors to then trade the currency 2 per cent higher or lower. Today the PBoC weakened the fix by 0.16 per cent.
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