China’s central bank has allowed the renminbi to rise to a record high against the dollar despite an unexpected fall in exports, reinforcing expectations that it will take more steps to liberalise the currency.
It hit a peak of Rmb6.1073 to the dollar after the People’s Bank of China set the daily midpoint for trading at Rmb6.1406 to the dollar, also a record high.
Analysts think the authorities have been trying to guide the spot price closer to the daily fix in recent weeks, because this would make it easier to widen the 2 per cent band in which they allow the renminbi to trade – a small step towards liberalisation.
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