China’s renminbi is flirting with its lowest level against the dollar since the 2008 financial crisis and analysts expect its strength to be further tested in the coming weeks as the country’s rebound from the pandemic splutters.
The currency has dropped more than 5 per cent against the dollar this year, touching Rmb7.29 to the greenback and just shy of the high of Rmb7.32 hit last year, which marked the currency’s weakest level in more than 15 years.
The slide has pushed the central bank, the People’s Bank of China, to step up its defence of the currency in recent weeks.
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