PBoC Strengthens Renminbi’s Trading Range By Most Since 2005

[kreslik.news]

China has strengthened the renminbi’s trading range today by the most since 2005 when the People’s Bank of China depegged the the currency from the US dollar and allowed it to move more freely, albeit within a daily trading band.

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As per a report in today’s Financial Times, the renminbi’s sudden strength caught the global markets off-guard after investors expected the currency would kick off the year by continuing its gradual slide amid persistent outflow pressures despite efforts to curb them.

After the biggest-ever two-day surge in ... (read more)