Renminbi rhetoric hits new high
The three-month USD/CNY NDF fell to its lowest level since July 2008, when China repegged renminbi to the US dollar. The market priced in more renminbi appreciation risk on Thursday (April 8), after an article in the New York Times claimed a resumption of renminbi appreciation was imminent. That day, renminbi 12-month NDFs were pricing in 3.09% appreciation over the next 12 months, up from around 2.4% the previous week, although pricing slipped back to 2.94% on Friday.
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