Asia lukewarm to renminbi despite dollar-depeg
This is despite the fact the currency peg to the US dollar looks set to end now that China’s central bank is opting instead to reference the renminbi to a basket of currencies, a move expected to lead to greater two-way USD/RMB volatility.
At the weekend, the People’s Bank of China (PBoC) replaced its de-facto peg to the US dollar by referencing the renminbi to a basket of currencies going forward. On Tuesday the central bank announced the expansion of the renminbi trade settlement pilot scheme
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