Amid the rout in emerging market currencies, China’s renminbi has been a notable exception.
While the currency has weakened by 2.7 per cent against the dollar since late March, sharper drops in other emerging-market currencies have left the renminbi’s value against a trade-weighted basket of global currencies up 1.6 per cent in the same period.
Trade-weighted strength explains why the People’s Bank of China has maintained a hands-off approach this year, despite its reputation for tightly managing the exchange rate.
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