The RMB's exchange rate against the dollar fell greatly yesterday!

The RMB's exchange rate against the dollar fell greatly yesterday!
Dec 2, 2008 02:44
YVONNE Points: Join Date: Nov 29, 2004 Status: offline	Yesterday, the RMB had a record one-day fall against the dollar. The market speculated that China might intentionally weaken its RMB to stimulate the economic growth. The following is extracted from FT news. "After closing on Friday at Rmb6.8349, the central bank set the parity rate up sharply at Rmb6.8505." "As dealing started yesterday, traders pushed the renminbi to the limit of its trading band for only the second time. The renminbi closed the session at Rmb6.8842, down 0.9 per cent from Friday's close." "This was the renminbi's largest one-day fall against the dollar since it was de-pegged from the US currency in July 2005, and took the currency to its weakest level since June 17."

Dec 2, 2008 02:44

YVONNE
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Join Date: Nov 29, 2004
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Yesterday, the RMB had a record one-day fall against the dollar. The market speculated that China might intentionally weaken its RMB to stimulate the economic growth.

The following is extracted from FT news.

"After closing on Friday at Rmb6.8349, the central bank set the parity rate up sharply at Rmb6.8505."

"As dealing started yesterday, traders pushed the renminbi to the limit of its trading band for only the second time. The renminbi closed the session at Rmb6.8842, down 0.9 per cent from Friday's close."

"This was the renminbi's largest one-day fall against the dollar since it was de-pegged from the US currency in July 2005, and took the currency to its weakest level since June 17."

Dec 2, 2008 03:44	#1
KEVIN0518 Points: Join Date: Mar 13, 2007 Status: Offline	Facing global economic downturn, China also needs to survive. If the devaluation of RMB is helpful, it is worth trying.

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