Listed Hong Kong clothing retailer  I.T. Limited says it has lost HK$60 million this week due to the Chinese government’s devaluation of the RMB.

I.T has 580 stores in Greater China.

In a statement to the stock exchange on Thursday evening, the retailer said that because of “the recent volatility of the exchange rate of Renminbi” the group had converted all its RMB fixed deposits, amounting to RMB1.187 billion, into Hong Kong dollars at spot rates, or by entering into several forward contracts on August 12.

“The Group is expected to record a foreign exchange loss of approximately HK$60 million which may have a substantial negative impact to the results of the group for the six months ending August 31, compared to the same period in 2014,” said chairman Sham Kar Wai.

The financial press expects a number of other Hong Kong based companies will soon be reporting exchange rate losses.

“Most firms will announce their first-half earnings this month for the period between January and June and will book currency losses in their third-quarter or annual reports,” the South China Morning Post commented.

The RMB had shed 3.5 per cent of its value on offshore markets by Wednesday evening.