China’s central bank has stepped up defence of its currency as concerns mount over the health of the world’s second-largest economy.
The efforts by the People’s Bank of China to arrest a slide in the renminbi follow a series of gloomy economic data releases this week that showed weakening exports and waning consumer confidence.
Foreign exchange traders and analysts said downward pressure on the Chinese currency intensified after an unexpected interest rate cut by the central bank on Tuesday. They added that state banks had been buying up renminbi and selling dollars in an apparent effort to slow the pace of depreciation.
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