China’s currency, the yuan, is heading towards its lowest level against the dollar since the 2008 financial crisis. 

Analysts expect its strength to be further tested in the coming weeks as the country’s rebound from the pandemic hasn’t gone according to plan.

The currency has dropped more than 5 percent against the dollar this year, touching 7.29 to the greenback and just shy of the high of 7.32 hit last year, which marked the currency’s weakest level in more than 15 years. 

The slide has pushed the central bank, the People’s Bank of China, to step up its defence of the currency in recent weeks.

So what’s next for the yuan?

Emaad Akhtar speaks to Khoon Goh, Head of Research, ANZ to find out more.

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