Right on cue. With president Hu Jintao due to visit Washington next week and Beijng under pressure over currencies, the renminbi has risen to its highest level against the US dollar since Beijing officially de-pegged the currency last June.
But even though this takes the Chinese currency below the symbolically important level of 6.6 to the US$, Washington won’t be much impressed. In the six months since last June, the Chinese currency is up only 3.53 per cent. That will hardly transform the world’s trade imbalances.
The People’s Bank of China set Thursday’s mid-point rate – a daily reference rate around which the yuan can rise or fall 0.5 per cent – for the renminbi at 6.5997.
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