For currency traders, Fridays have lost some of their buzz. Lining up bets on a revaluation of the renminbi used to be a weekly ritual for many.
But since China cut the renminbi’s two-year-old peg to the dollar slightly more than a month ago, many investors have given up trying to bet on the Chinese currency. Except for a small rise of less than 1 per cent in the first two weeks after the peg was dropped, the renminbi has barely moved against the dollar.
Hans Redeker, global head of foreign exchange strategy at BNP Paribas in London, says that, by keeping the exchange rate relatively constant, the Chinese authorities have forced investors to reconsider their bets on a stronger currency.
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