SINGAPORE (Aug 20): The offshore renminbi (CNH) has declined 10% against the US dollar over the last four months, marking the longest streak of weekly loses seen in decades (see Chart 1). The swift depreciation of the renminbi is part of the thematic play of emerging market outflow that started earlier this year when the US dollar strengthened on the back of an improved US economy and the steady pace of fed rate hikes.

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