Market pressure is growing on the People’s Bank of China to allow the renminbi to weaken, as traders bet that the yawning gap with US borrowing costs will lead more investors to sell out of the Chinese currency.
China’s central bank has maintained a strong yuan policy so far this year, keeping its daily fixing — or reference rate around which the currency is allowed to trade — within an unusually narrow range of 7.09 to 7.11 against the US dollar.
But the currency has recently traded as much as 2 per cent below the fixing rate — the maximum variation the central bank has said it will allow — for the first time in eight years, indicating mounting selling pressure.
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