The offshore renminbi jumped the most in its five-year history yesterday, prompting fresh speculation of state intervention by the central bank to underpin the Chinese currency.
Renminbi traded in Hong Kong — referred to as CNH — rose more than 1 per cent against the US dollar in just a few minutes late in the Asian day. Though small compared with other international currencies, the move was the sharpest increase since the launch of offshore renminbi trading in 2010.
The speed and magnitude of the rise led some to point the finger at China’s central bank, which has been intervening aggressively over the past month to prop up the currency.
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