USD-RMB Trading Update
China RMB taps daily upper limit Vs USD
China RMB tapped the upper limit of its daily trading band against the USD for the 2nd consecutive day Friday, as investors continued to push up the currency amid resurgent global demand for emerging market assets and renewed optimism about the Chinese economy.
The USD-RMB touched 6.2380 as soon as the market opened, trading at 1% below the 6.3010 daily reference exchange rate the Chinese central bank set for the currency pair.
The exchange rate is allowed to move 1% above or below the daily fixing.
The level, which was below Thursday’s close of 6.2417, is another record high for the RMB since the launch of the modern Chinese currency-trading system in Y 1994.
The pace of RMB appreciation has quickened this month partly due to political pressure from the US ahead of a presidential election next month, as well as an increase in capital inflows induced by the US’s super-easy monetary policy, analysts said.
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