The renminbi resumed its drop on Monday, as the downward pressure on the Chinese currency overwhelmed the first effort from China’s central bank to at least temper its four-month slide.
While the renminbi is off a recent low set on Friday, the currency fell 0.3 per cent to Rmb6.8460 against the US dollar as the trade war between Washington and Beijing showed little sign of easing.
In contrast to notable renminbi drops in 2015 and 2016, the currency’s 9 per cent slide against the US dollar since April has yet to alarm global investors who say it is in the crosshairs of both the trade war and attempts by China to reverse a recent tightening in monetary policy as the economy slows.
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