China’s currency has weakened to a 16-month low as the potential for sharp tariff increases from the incoming Trump administration fuels concern over growth prospects for the world’s second-largest economy.
The onshore renminbi weakened 0.1 per cent to Rmb7.34 against the dollar on Wednesday, its weakest since September 2023, in spite of the People’s Bank of China maintaining a steady fixing rate ahead of Donald Trump’s inauguration this month.
China’s currency is allowed to trade within 2 per cent of the daily rate set by the central bank, and the exchange rate is nearing the lower limit of that trading band.
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