The gap between the currency's dollar rate offshore and the more restricted onshore market has widened recently which implies international markets are pricing in more weakening.

最近，人民币兑美元离岸汇率和更受限制的在岸汇率之差有所加大，这意味着国际市场预计人民币将进一步走低。

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There are limitations locally because of the measures and so the market is likely to migrate offshore to hedge its currency position to protect against dollar weakness for portfolio investments, currency speculation, and foreign trade.

FORBES: Brazil's New Forex Rules Unlikely To Save Dollar

Last week, Mantega slapped another anti-dollar tax on the market, this time it was on institutions borrowing money from the US through their offshore accounts.

FORBES: For Brazil's Currency, it's the Summer of 2008 Again