Bye-bye dollar peg, hello flexible renminbi

Just ahead of the G20 meeting, China says it will increase the flexibility of the renminbi now that the global economy is gradually recovering.

After weeks of international pressure, the People's Bank of China, China's central bank, announced over the weekend that it will increase the flexibility of its exchange rate, fuelling expectations that it will gradually let the renminbi appreciate. TheĀ move comes after the renminbi has been effectively pegged at around 6.83 per dollarĀ for almost two years.

The bank's rationale for the policy change is that The global economy is gradually recovering. The recovery and upturn of...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: rmb | renminbi | peg | fluctate | china | fx | exchange rate

Print Edition

FinanceAsia Print Edition

EVENTS