Market Views: How low could the renminbi go?

China’s currency has taken a hit this year, at times depreciating at its fastest rate since the China Foreign Exchange Trade System (Cfets) was created in the mid-1990s. General US dollar strength, growing trade tensions, and slowing domestic economic growth have all combined to drag down the value of the renminbi against the greenback by about 9% since April. Based on the traded-weighted Cfets renminbi index, that weakness has diffused since June against a range of other major …