Renminbi(RMB) reached new height!

Renminbi (currency of China) reached new height yesterday, reaching 8.0641. RMB futures also exhibited strong growth, with 1 year NDF reaching 7.7 at one point yesterday.

Since the Central Government of China hopes to fine-tune their exchange rate policies in a gradual manner, a rapid leap is not expected in the near future.

The Chairman of IMF pointed out that China should take measures to increase flexibility of their exchange rate system. Narrowing the gap between RMB exchage rate and its perceived market value will be beneficial to the stable growth of the country and stimulating foreign business investments.