New renminbi index shows ‘relative’ strength of currency
Looks to steer market focus away from solely the dollar rate
An organisation run by the People's Bank of China (PBoC) has begun publishing an exchange rate index charting the movement of renminbi against 13 international currencies.
The organisation, the China Foreign Exchange Trade System (CFETS), mostly provides information and facilities for the Chinese interbank market. On December 11 the body published the first figures from its new index.
While the renminbi has depreciated by around 4% against the US dollar this year, it has appreciated more widely
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