Renminbi drops to six-year low

Figures from Safe show a net $44.7 billion worth of payments in the currency left China in November

renminbi-note-man-china
Consensus view: forecasters interviewed by FX Week expect USD/CNY to trade at 6.8 by the end of 2016

The onshore renminbi and its offshore counterpart set a six-year low this week, as figures from the State Administration of Foreign Exchange (Safe) show that China's outbound renminbi payments surged to a record in September, which added more pressure on the already weakened redback.

According to data released on October 21, a net $44.7 billion worth of payments in the Chinese currency left the country last month, which was the highest since the government started releasing the figures in 2010

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