Renminbi hits two-month high in wake of dovish Fed
Renminbi reaches highest level against US dollar in two months as Fed cuts projected rate path
The Chinese renminbi today reached its highest level against the US dollar in two months, as an unexpectedly dovish monetary policy statement from the Federal Reserve prompted what one analyst describes as "aggressive moves" in Asian currency markets.
The renminbi, whose value fluctuates around a fixed level set daily by the People's Bank of China (PBoC), was trading at 6.19 against the dollar at the time of writing – its strongest level since January 15.
The appreciation follows a gradual
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