The renminbi appreciated beyond Rmb6.5 to the US dollar for the first time in 16 months, fuelling expectations of the currency’s continued strength in the run-up to the Chinese Communist party congress next month.
The onshore renminbi firmed as much as 0.5 per cent to Rmb6.4900 per dollar yesterday, the strongest level against the US currency since May 2016, as Beijing’s determination to temper capital outflows is seen as relieving pressure on the exchange rate.
It means China’s currency has now risen 6.6 per cent since the start of the year, cancelling out last year’s fall against the dollar, when there were worries that the authorities were struggling to contain its depreciation.
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