China’s renminbi has made its biggest-ever two-day gain as strong data and tight liquidity in offshore markets caught out China bears and pushed the dollar lower around the world.
The offshore renminbi rallied as much as 2.6 per cent against the dollar to Rmb6.7853 for its strongest level since early November. As recently as Tuesday the renminbi was at a record low of Rmb6.9895.
“China helps the dollar retreat,” said Hans Redeker, strategist at Morgan Stanley, who noted there were large gains too for emerging market currencies including the Brazilian real and the South African rand. He added: “However, the biggest move compared to recent volatility has been experienced in renminbi markets.”
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