China has fixed the renminbi at its strongest level against the dollar in 15 months, a move that analysts say signals its tolerance of a gradual appreciation as its soaring exports stoke tensions with trading partners.
The People’s Bank of China on Monday set the renminbi at 7.03 to the dollar, the strongest fix since September 30 2024. The currency has strengthened by almost 4 per cent this year against the greenback but has weakened against the euro and other currencies.
The relative weakness of the Chinese currency has been a bugbear for American and European leaders, who see it as unfairly advantaging their exporters and contributing to China’s enormous trade surplus.
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