China’s central bank guided the renminbi higher by the most in 20 months yesterday, prompting speculation that Beijing has decided to reverse the biggest depreciation in the currency’s recent history.
The People’s Bank of China set the renminbi midpoint at 6.1485 to the dollar, an appreciation of 0.22 per cent from Friday’s 6.1623 and the strongest rate since March.
Compared with movements of more market-determined currencies, that might seem minuscule, but it was a great leap for China’s tightly controlled exchange rate.
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