The recent depreciation of the renminbi, China’s currency, exposes crucial vulnerabilities within the world’s second-largest economy as it faces escalating trade tensions with the US. The currency posted its biggest ever monthly fall against the US dollar in June and lost more ground this week before recovering a little on Wednesday. Although its 3.4 per cent slide since the start of June is no rout, it marks a departure for a currency often seen as an anchor of stability for Asia and other emerging markets.
人民幣近期的貶值暴露了世界第二大經濟體內部的關鍵脆弱性，而此時它正面臨與美國的貿易緊張不斷升級的局勢。人民幣對美元匯率在6月創下史上最大單月跌幅，本週頭兩天繼續下跌，週三有所恢復。雖然自6月初以來累計下跌3.4%還算不上崩盤，但這已經偏離了人民幣一貫的形象，它經常被視爲亞洲和其他新興市場的「穩定之錨」。
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