China’s currency has roared higher in its most dramatic two-day rise in more than a decade after the country reached an apparent ceasefire in its trade skirmish with America, combined with a bout of weakness in the US dollar.
The onshore renminbi, which trades on China’s domestic markets, has appreciated by 1.8 per cent during the first two days to this week, according to Refinitiv data. That marks the largest gain since July 2005, when China tossed away its currency peg and replaced it with a more flexible foreign exchange regime.
At 6.8338 yuan per dollar, the currency has edged back from the precipice of the Rmb7 level that had sparked concern among investors and analysts and weighed on other emerging market currencies.
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