China’s Currency Move Spurred Demand For Some Asian Currencies
Chinese renminbi rose to a new high against the US dollar, after the People’s Bank of China signaled of a more flexible exchange rate going forward over the weekend. The renminbi rose by 0.4% to close at RMB6.7976/US$ on 21 June, the strongest level since the currency has been regularly traded. The previous closing high came in July 2008, just before the central bank guided the currency to around RMB6.83/US$ and kept it there for the next two years to help stabilise the economy amid the global financial crisis. An official reference rate for daily trading, however, remained unchanged at RMB6.8275/US$, the same level as on 18 June.
The World Economy... - 22/6/2010
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