A historic rally in China’s renminbi cooled on Monday after the country’s central bank made it less costly to bet against the currency.
The renminbi’s onshore exchange rate fell as much as 0.5 per cent to Rmb6.7276 against the dollar after the People’s Bank of China announced on Saturday lenders would no longer be required to hold reserves when buying foreign currency forward contracts.
The renminbi jumped as much as 1.5 per cent against the greenback on Friday, its biggest one-day rise in 15 years as demand for Chinese assets and hopes for a reset in relations with Washington under a Joe Biden presidency buoyed the currency.
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