The renminbi (RMB) fell by between 0.8-1% during Thursday’s U.S. trading, the Financial Times reports, making it the worst performing session since January 2017.
Both onshore and offshore RMB fell, despite the currency seeing its 12th consecutive month of appreciation in January, and strong standing against a weakening dollar.
Thursday’s poor performance follows the release of weaker-than-expected trade data, revealing that the trade surplus fell to $20.34 billion last month against expectations of $54.1 billion.
Confidence has also been shaken by talk of resuming the Qualified Domestic Limited Partnership programme of 2013, which allows foreign fund managers to raise capital from Chinese investors to put into overseas assets.
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