PBoC to watch renminbi’s depreciation against dollar – City Index

China is concerned the dollar’s recent bout of strength could put the redback in the US administration’s crosshairs

renminbi-and-dollar-getty
Dollar on top: the redback has depreciated against the US currency since mid-April

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As the dollar strengthens against many of the world’s currencies, the People’s Bank of China is keeping a close watch on the renminbi’s depreciation against it, in a bid to avoid being considered a currency manipulator and facing further wrath from the US administration, says Kelvin Wong, chief technical strategist for Asia at City Index.

Currency manipulation remains a contentious issue that features prominently in the current China-US relationship. In discussio

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