China has sharply weakened the renminbi, moving the currency almost 2 per cent in a one-off move that in theory will make the tightly managed currency more responsive to market movements.
The central bank’s move pushed the renminbi’s “daily fix” to Rmb6.2298 against the dollar, compared with a Rmb6.1162 rate the day before. The 1.9 per cent move was its biggest one-day change in the decade since China abandoned its tight currency peg for a managed float.
Before Tuesday the biggest shift this year had been a 0.16 per cent adjustment.
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