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Categorized | Currencies

Offshore renminbi slumps to all-time low

Posted on November 23, 2016

A big downward move in the offshore renminbi is taking China’s currency closer to the landmark of Rmb 7 to the dollar.

The fall of 0.4 per cent sees the offshore rate to Rmb6.9439, a new all-time low. If follows China’s central bank setting the midpoint rate at a weaker level than Tuesday, reports Roger Blitz in London.

The renminbi’s weakness is part of the widespread falls experienced across the currency universe since Donald Trump’s election victory, as traders pile into dollars.

But the renminbi’s fall creates a different order of worry for the market, particularly the flight of capital out of China.

Hao Zhou, Commerzbank analyst, said the renminbi was “under great pressure again, and the market is possibly pricing in a wild movement early 2017”.

At BNY Mellon, macro-strategist Simon Derrick is worried that some of the China pressures that wobbled markets in January are re-emerging, notably the People’s Bank of China eating into reserves to prop up the falling currency and the spread in the onshore and offshore rates widening.