29405
Offshore Renminbi Stronger
World Economy

Offshore Renminbi Stronger

The People’s Bank of China strengthened the mid-rate for the renminbi on Monday by 0.54% against the US dollar, the greatest increase since 2005, AsiaFirst reported. The raising of the renminbi fix comes nearly two months after the central bank vowed a revamp of the way the Chinese currency is controlled, and follows strengthening of the offshore renminbi, which is not subject to a trading band. When the PBoC devalued the local currency by about 3% in August, it announced that markets would be given a greater say in how the renminbi was valued, although investors’ ability to trade the currency +/- 2% from the set mid-point has not changed.

 

Short URL : http://goo.gl/R3p9j2
  1. http://goo.gl/j8nOI8
  • http://goo.gl/WHIko1
  • http://goo.gl/hoNdBI
  • http://goo.gl/u4lZJz
  • http://goo.gl/IbXCMd

You can also read ...

If both sides continue with tit-for-tat tariffs, the inflation would lead to further increases in interest rates  and give rise to disturbances in the currency markets.
The trade war between the US and China risks substantially...
Hong Kong’s GDP fell to 3.5% in the second quarter.
The outlook for Hong Kong’s economy is darkening as rising...
Norway to Surpass Sweden
Sweden’s economic prospects have dimmed in recent months and...
Many emerging market economies are better prepared now because they have a good international reserve position and they allow their exchange rates  to float more freely.
Italian economist Claudio Borio is considered an authority in...
China Growth Momentum Slows
China’s economy hit a mid-year rough patch as efforts to curb...
Crypto Market Struggles as Bitcoin Dips Below $6,000
Bitcoin touched below $6,000 and dozens of smaller digital...
Lebanon Economy Struggling
Lebanon’s economy has been in a precarious position in recent...
Finnish GDP May Slow
The Finnish economy remained robust in the spring and early...

Trending

Googleplus