The renminbi has dropped to its lowest level against the dollar in five and a half years, becoming the latest currency to be hit by Brexit, according to the Financial Times. At one stage, a dollar was worth as much as Rmb 6.6947, a level not touched since November 2010. The renminbi has fallen for five consecutive trading sessions against the greenback and, since the start of April, has lost 3.6%. On a trade-weighted basis, the renminbi has also been falling. The basket that measures the currency against its main trading partners is down 2.2% during June. The fall pushes the renminbi towards Rmb6.70, which was a target several FX strategists had set for the currency for the end of the year.
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