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China's yuan is sliding and market participants suspect authorities are deliberately but slowly engineering a light depreciation of the currency, both to complement an easy monetary policy and to support exports. While the yuan has declined roughly 2% this year against the dollar, it has become relatively less competitive as Japan's yen and currencies of other neighbours South Korea, Thailand and Taiwan drop more sharply. The People's Bank of China (PBOC) also appears to have loosened its grip on the yuan, allowing it to fall to the weak side of the 7.2-per-dollar level that state-owned banks had staunchly defended in the past, though it has continued to lend some support through stronger-than-expected settings of the daily mid-point for the currency.

South koreaRodrigo catrilRohit aroraTom westbrookKim coghillRong ren gohVidya ranganathanRay attrillTeck quan kohPeople bankAnalysts at national australia bankRae weeNational australia bankOxford economicsSummer zhenReuters shanghai