Chinese renminbi suffers worst fall since 2005

The Chinese renminbi has seen its worst fall in value since 2005, after tumbling overnight.

The renminbi capped its biggest weekly fall in years with a 0.5% drop on Friday as traders reported heavy intervention by the central bank to weaken the currency. Having enjoyed a steady rise for a year and a half, the last two weeks have seen a complete reversal for the currency versus the US dollar. The currency has fallen over nine consecutive trading days, with a total decline of 1.5% during that period to 6.16 against the US dollar. The move lower is the sharpest drop since China de-pegged the currency in 2005.