Economist Sung Won Sohn on China’s currency

Global Business

China’s renminbi (RMB) weakened for an eighth day Tuesday, its longest losing streak since June.

CCTV America’s Michelle Makori spoke with Sung Won Sohn, Professor of economics at California State University.

Sung Won Sohn on China's currency

Sung Won Sohn on China's currency

China's renminbi (RMB) weakened for an eighth day Tuesday, its longest losing streak since June. CCTV America's Michelle Makori spoke with Sung Won Sohn, Professor of economics at California State University.

The official midpoint rate was set at its lowest level in more than four years, taking its eight-day decline to one percent.

Analysts say it’s due to capital outflow in light of the likely U.S. interest rate hike.

Speculation that China’s central bank is guiding the currency lower to prop up the economy could also be helping to fuel the drop.

CCTV America