Bloomberg: RMB headed for worst quarter on record

The yuan’s worst quarterly performance on record is raising the risk of capital flight, according to Bloomberg. China’s currency has slumped 2.9% the end of March, the most since the nation unified the official and market rates at the start of 1994, to trade near its lowest level in five years. Losses deepened after the U.K.’s vote to secede from the European Union led to a jump in the dollar and dented the outlook for Chinese exports. After turmoil in its currency and stock markets in the past year shook investor confidence, China stopped granting quotas for residents to invest overseas and clamped down on illegal fund transfers to restrain capital outflows.