The renminbi suffered its worst day in three months after China’s central bank scrapped two rules intended to bolster the currency in a sign that official nervousness about currency depreciation and capital flight has eased.
The renminbi has gained 6.9 per cent this year, reversing all of last year’s record loss of 6.5 per cent and putting the currency on pace for its best year ever.
The rise has come during a concerted effort by Beijing to clamp down on capital flight, which was driving down the value of the Chinese currency. The controls made it more expensive for investors to buy dollars and were aimed at deterring currency speculators from selling the renminbi.
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