RMB Hits One-Year Low, Falling More than 4% in the Past Month

Image: honglouwawa/ iStock

RMB has hit its one-year low while the People’s Bank of China has not shown any effort to intervene.

The current dropped 0.4% to 6.7652 per US dollar in offshore trading, the lowest level since July 2017.

The PBOC weakened its fixing beyond 6.7 on Thursday for the first time since the currency’s fall that began in June.

Amid the escalating US-China trade standoff, the RMB has tumbled more than 4% since mid-June, the worst-performing currency in the past month. The onshore yuan dropped 0.2% to 6.7345 per dollar in Shanghai.

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