The pace of China’s falling currency, now at its lowest level in nearly five years, has raised the prospect of renewed intervention by the central bank as Beijing seeks to control its fragile exchange rate policy.
The sharp decline in the renminbi has put investors on notice that the Chinese economy, a key engine of global growth, may be slowing at a faster rate than previously forecast.
Investors are worried that an unexpectedly fast depreciation will further destabilise China’s economy. Some also fear it could trigger a wave of competitive devaluations across the region.
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