China’s renminbi suffered one of its worst intraday falls on record on Tuesday before the central bank appeared to intervene to stabilise the market.
The onshore renminbi fell 0.8 per cent against the US dollar in early trading — its fourth-biggest intraday drop — but by late afternoon had pared losses to 0.3 per cent, a move that traders attributed to state banks aggressively buying the currency. The Chinese currency’s 3.3 per cent tumble in June was its worst month ever.
Analysts said that, unlike its declines earlier this year, the renminbi in recent weeks had fallen not only against the US dollar but also against the broader currency basket that the central bank said was its key benchmark.
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