China is set to allow a gradual appreciation of the renminbi against the US dollar after warning that the exchange rate would remain “basically stable” in spite of a decision to abandon its currency peg.
The Chinese central bank announced an end to the peg in a statement on Saturday, one week before the G20 summit in Toronto where Beijing was likely to have come under strong pressure over the level of the renminbi.
But in a follow-up statement yesterday it stressed that a substantial appreciation in the currency was “not in China's interests” and that the exchange rate would remain “basically stable”.
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