The renminbi is set to close out its steepest monthly fall on record as China’s economy reels from severe Covid-19 lockdowns and the US Federal Reserve prepares to raise interest rates, driving global investors to ditch Chinese assets.
The Chinese currency has fallen 4.6 per cent this month to about Rmb6.63 per dollar, the biggest drop since the end of its US dollar peg, which was in place from 1994 to 2005.
The fall is greater than a one-off devaluation by the Chinese central bank in 2015 that rattled global markets and a tumble in 2018 during the US-China trade war under the Trump administration.
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