Renminbi seeks lower levels amid increased volatility
The renminbi fell onWednesday and traded at the biggest discount to the central bank’s reference rate since June, on signs that the increased volatility in global financial markets is fueling demand for the greenback. The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, climbed ahead of the Federal Reserve policy meeting on Wednesday. A plunge in Russia’s ruble took a Bloomberg index of 20 emerging-market currencies to the lowest level in data going back to 2002. The People’s Bank of China raised its daily fixing by 0.07 percent to 6.1137 per dollar, the strongest since Feb 19. percent, adding fuel to a renewable-energy clash between theUnited States and China. The Commerce Department also finalized its plan to include in the tariffs any solar panels assembled in the mainland, regardless of the origin of the cells. The department issued final duties on solar cells manufactured in the Chinese mainland and Taiwan in a case brought by SolarWorld AG, aGerman company with a factory in Oregon. TheUS International Trade Commission must rule in the last step before the tariffs are finalized. A decision is due next month.