China’s currency suffered its biggest monthly depreciation since its devaluation last August as the central bank denied claims that it had abandoned market-orientated exchange rate reform.
The renminbi fell 1.6 per cent against the dollar in May, after the People’s Bank of China reformed the way it sets its daily guidance rate for the currency, known as the midpoint price. The currency fell 2.6 per cent in August.
The central bank cast that reform as a move to loosen government control of the exchange rate and let market forces play a greater role. Many foreign investors were sceptical of the move because it came when market forces could be reliably expected to weaken the renminbi.
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