Beijing tightens grip on renminbi after stimulus rally

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Financial Times 15h ago

Beijing tightens grip on renminbi after stimulus rally - Financial Times

Quick Summary:

Chinese state-owned banks were last week reportedly buying dollars on the onshore market in order to slow the rise of the renminbi.

This year the central bank has disguised its market interventions by pushing state banks to buy dollars during rises in currency markets, such as the August collapse in carry trades.

The People’s Bank of China kept the official rate at between 7.1 and 7.2 to the dollar for most of this year even as the spot renminbi stayed at the bottom of a 2 per cent trading band around the fix.