This month's dive in China's currency has revived memories of past routs but market participants say increased foreign holdings of yuan assets mean authorities are much less likely to curb the selling than they were in previous years.

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The yuan hit an 18-month low on Friday and has slid more than 4.5 per cent on the dollar in April, setting it on course for its worst month since currency market reforms of 1994.

However, unlike 2018-19, when the yuan fell through the U.S.-China trade war, or 2015-16, when a domestic stampede to offshore assets accelerated a decline, investors and analysts say that foreign selling is now the dominant driver, presenting new downside risks.

Combined with increasing tailwinds for the U.S. dollar, these risks could lead to further yuan weakness with the People's Bank of China unable or less inclined to restrict global capital movement.

Foreign money is also a much more significant presence, with overseas investments in Chinese markets totalling just over 8 trillion yuan ($1.2 trillion) at the end of last year compared with roughly 1.5 trillion in 2015, according to the central bank.