The renminbi continued to advance in the futures market yesterday as pressure on China to let its currency appreciate intensified.
The communiqué following the meeting of finance ministers of the Asian Pacific Economic Co-operation forum in Singapore called for “market-oriented” exchange rates and interest rates.
Flemming Nielsen at Danske Bank said this was a polite way to ask for the appreciation of the renminbi, which has, in effect, been pegged against the dollar for more than a year.
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