Renminbi edges downward as other currencies plunge

China’s central bank set a stronger reference rate on Wednesday to limit the renminbi’s losses as outflows on top of slumping growth have driven the currency to its weakest state in months, The Wall Street Journal reported, citing analysts. So far this year the currency has lost 0.7% against the dollar, compared with 2.4% during all of last year. However, the yuan as measured against its largest trade partners–or on a trade-weighted basis–is at its strongest on record, putting pressure on China’s export competitiveness relative to the rest of the world, where currencies are plunging by any measure.