A sharp appreciation in the renminbi against the dollar in recent days – at a time when most other emerging market currencies have been falling – has prompted traders to ask whether Beijing has adopted an aggressive new stance on its currency.
Over the past four days the renminbi strengthened 0.7 per cent against the dollar – a small move by the standards of most currencies but a large one for the Chinese currency, which is tightly controlled by the government.
The last time the renminbi moved so sharply over a four-day period was September 2010, when US politicians were about to release a controversial report that could have labelled China a “currency manipulator”.
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