Why we still think the renminbi will weaken

China’s currency was remarkably stable against the US dollar in 2021 and appreciated against other major currencies. But we doubt that trend will continue this year: a slowing economy, monetary policy easing, and a gradual normalisation of China’s current account all point to a weaker renminbi. In view of the wider interest, this FX Markets Update is available to clients of our China Service.

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