China’s currency fell against the dollar yesterday despite the sharpest rise in the daily renminbi fix in a decade.
The People’s Bank of China bolstered the midpoint of the range within which the currency is permitted to trade by 0.54 per cent — the most the fix has been reinforced since 2005, when the renminbi was unpegged from the US dollar.
In doing so, it made good on an August pledge that it would allow the daily midpoint to follow market movements, rather than use it to signal the direction of trade as had been previous practice.
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