China’s currency enjoyed its biggest one-day gain in more than a decade as onshore traders returned from the lunar new year holiday to supportive comments from the central bank and a declining dollar.
The renminbi jumped 0.9 per cent in early trading on the mainland — a bigger move than on any day since the People’s Bank of China began to liberalise the currency in July 2005.
The strengthening followed a week in which the renminbi continued trading offshore — over which time it gained 0.9 per cent — while onshore markets were closed for the lunar new year holiday.
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