Renminbi appreciation: not over yet
During China’s National People’s Congress last week, Premier Wen Jiabao said that the renminbi has probably reached fair value against the US dollar. We asked our readers the same question, but got a different answer.
Here’s what Wen had to say “In the Hong Kong market, the non-deliverable forwards have started to fluctuate in both directions. And this tells us that the exchange rate of the renminbi has possibly reached equilibrium.