Worries about China’s slowing economy and its widening interest-rate differential with the US have sent its currency, the yuan, tumbling some 5% this year, though it has fared better against the currencies of other trading partners.

The People’s Bank of China has introduced a variety of measures to slow the depreciation, including stronger-than-expected reference rates and urging state banks to buy the managed currency.

Meanwhile, the greenback rallied toward a three-month high today as traders mulled the possibility of higher-for-longer interest rates ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium later today.

Emaad Akhtar speaks to Philip Wee, Senior FX Strategist, DBS to find out more about the latest movements in currency markets.