China’s renminbi hits 16-year low after exports tumble in August

News Snapshot:

Chongqing city in China. The sustained weakness in Chinese trade and manufacturing comes as the country's policymakers face concerns that the post-pandemic recovery has failed to take off. Photograph: Wu Hao/EPA China’s currency has fallen to its lowest point against the dollar since 2007 after official data showed exports shrank for a fourth straight month in August, as the manufacturing sector in the world’s second-largest economy struggled to regain momentum. The renminbi edged down 0.1 per cent to a low of Rmb7.3259 per dollar on Thursday, lower than the levels recorded during nationwide pandemic lockdowns last year, after an official...