Chinese volatility picking up
NEWS
The USD/RMB was RMB8.0096 on June 5, compared with June 2's RMB8.0230. This was a shift of 0.16%, the biggest single move since the floating peg was established.
The shift has led to speculation that there will be a move from the government enabling the currency to have bigger daily moves.
Simon Derrick, head of currency research at Bank of New York, said: "The most likely action must be a move towards allowing greater flexibility in the daily movements of USD/RMB." He added this could include a
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