Renminbi faces depreciation pressure in early 2017
Chinese currency continues to fall against the US dollar in the first trading days, as Beijing seeks to slow capital outflows
The renminbi faces renewed depreciation pressure, as a rising US dollar in the wake of Donald Trump's presidential election continues to hasten capital outflows from China.
On January 4, the People's Bank of China (PBoC) set the yuan's midpoint, around which the onshore renminbi is allowed to trade, at 6.9526 – the weakest level since May 2008. During the trading session, the pair touched 6.9576.
The decision follows the China Foreign Exchange Trade System's (CFETS) announcement to change the
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