Concerns are full-blown about the economic slowdown in the Asian county. The current-account surplus during the first quarter of this year registered $7.2 billion after checking in at $47.6 billion during the same period of 2013.
"The overriding focus for fx policy will be to continue to induce more volatility into the onshore exchange rate, which should help discourage hot-money inflows," states a Friday report authored by HSBC strategists, according to Bloomberg.
The renminbi edged down about 0.08 percent against the U.S. dollar on the final trade day of the week. During the past week, the yuan has slumped 0.47 percent against the greenback. China's currency, which supports the globe's second-largest economy, has fallen 3.2 percent thus far this year against the dollar, which supports the globe's biggest economy.
Analysts and investors are losing faith about the medium- and near-term performance, CNBC reports. The People's Bank of China is likely to widen the trade band, they told the news source.
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