The
renminbi's recent decline, however, was not the result of policy action.
Nevertheless, the PBoC said in a statement that the slide of the
renminbi was in response to the U.S's "unilateralism and trade protectionism measures and the imposition of increased tariffs on China".
dollar in February last year, the
renminbi slid all the way to 6.97 yuan by the end of October, a 10 percent drop.
46 billion
renminbi worth of three year panda bonds at a coupon rate of five percent.
As we argue in The Asia-Pacific Journal, these results suggest that China's oil futures could bring the
renminbi to the core of global commodity markets.
Since 2010, the Ministry of Finance has used the CMU bond tendering platform to tender for offshore
renminbi sovereign bonds every year.
The Chinese government has a long history of intervening to ensure that the
renminbi's exchange rate aligns with its economic goals.
'The survey confirms the continued momentum of the
renminbi. Respondents on average predicted that it will reach 8.5 percent of global reserves by 2020i1/4which would represent a very large increase from the latest IMF published level of 1.2 percent at the end of 2017,' said Christian Deseglise, global head of central banks at HSBC.
She added the usage of
renminbi will also be further promoted by three factors a namely the continuation of its liberalisation, expansion of China's domestic
renminbi products and services, and greater global
renminbi liquidity that lower the costs and risks of its settlement.
By our measure, spurred by greater deleveraging and hedging dynamics since the 11 August
Renminbi fixing reform, the average daily CNH FX turnover surged roughly 90 per cent m/m in August, almost 60 per cent higher than its previous peak in March.
China's exchange-rate policies have been a persistent source of controversy in the United States since shortly after the PBOC devalued the
renminbi and pegged it to the dollar in 1995.
"
Renminbi settlement was extremely complicated and time-consuming in the past because there were so many credentials to be checked," said Tran Le Thuong, a Vietnamese businesswoman operating in Dongxing.
