Diverging views over renminbi
Speculative trading was rife in the market last week sparked by outspoken comments from Alan Greenspan, chairman of the Federal Reserve, that China needs to allow the currency to move following the G7 meeting. Steve Saldanha, chief FX strategist at TD Securities in Toronto, said: "He used tougher wording than he has in the past, and said it would be to the detriment of China if it did not make a move sooner rather than later."
He pointed to the effect this has had on other currency pairs, with
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