The well-known Chinese financial web site Netease Financial recently reported that the exchange rate for the RMB has reached RMB 6.2370 for $1 USD, which is the lowest point to which it has fallen in sixteen months. Within this year, the Chinese currency depreciated against the US Dollar by 3.17 percent, making this the fastest depreciation period since 2005. The Chinese central bank suggested that the Chinese authorities are letting the market decide the value of the RMB with less and less government intervention. However, many experts have expressed the belief that the Chinese currency is moving in the direction of continuous depreciation, especially now that the U.S. Federal Reserve is proceeding to exit its quantitative easing policies. As of now, the RMB depreciation has wiped out all the appreciation gained last year, establishing the Chinese currency as the worst performer of all Asian currencies.
Source: Netease Financial, April 24, 2014