China’s currency tumbled to a 16-year low after exports fell for the fourth consecutive month, deepening concerns over the outlook for the world’s second-largest economy.
The renminbi slid to its lowest level against the dollar since 2007, after official figures showed exports fell by 8.8pc in August compared with a year earlier.
The issues point to mounting economic troubles for Beijing as a much-anticipated rebound after the end of its zero-Covid policies has failed to materialise, raising pressure on President Xi to ramp up stimulus.
The currency fell by 0.1pc to a low of Rmb7.3259 per dollar.
Source: The Telegraph
