While China may still have the capacity to shake global sentiment, it seems unable to ruffle Asia’s currencies . Even as the renminbi suffers a rapid sell-off, its neighbours have so far been shown to be immune.
Yesterday the renminbi was flat at Rmb6.14 against the dollar in the onshore market and Rmb6.12 offshore. It has fallen almost 1.3 per cent in the past 10 sessions, the most since it was unpegged in 2005.
The move is tiny compared with other emerging markets. But for the Chinese currency, it is both huge and unexpected.
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