The Chinese currency has lost more value in the past eight weeks than during any eight-week period since 1994.
That’s not saying much, mind you: the exchange rate is still a bit stronger than it was just over a year ago, and considerably stronger than it was in the 2000s. So although the renminbi has depreciated, it is difficult to say that it’s weak. There might be plenty of room for it to fall further.
The simplest way to think about China’s desire to see its currency weaken is that it is somehow part of Beijing’s armoury to meet the threats of trade and economic conflict coming out of Washington.
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