After nearly a decade in which robust trade surpluses underpinned reliable appreciation of China’s currency, the renminbi is under pressure from a bout of capital outflow and the knock-on effects of falls in the euro, yen and emerging market currencies.
The renminbi has fallen 0.7 per cent so far this year to about Rmb6.25 per US dollar, following a drop of 2.4 per cent in 2014 — its first full year of significant depreciation since the central bank ended its strict dollar peg in 2005.
Yet the fall has occurred in spite of a swelling of China’s trade surplus, which propelled the renminbi’s 37 per cent rise between 2005 and 2013.
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