Capital Markets | Renminbi
The renminbi dropped a position in October, going from fourth to fifth, in terms of its use as a currency for international payments, according to the latest SWIFT Renminbi Tracker report.
As volatile currencies toy with the bottom lines of global companies, corporate treasurers are paying a lot more attention to foreign exchange.
FX Reserves | China’s foreign exchange reserves plunged by nearly $94 billion in August, the most ever in a single month, as the People’s Bank of China (PBoC) struggled to support the renminbi after devaluing the currency by 1.9%.
A wobbly administration and a plunge in commodities prices have triggered one of the nation’s toughest years in recent memory.