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The RMB: Still Unappreciated

China’s 2.1 percent appreciation of the Renminbi (RMB) in July, was seen as a significant, if small, step to a more flexible currency regime. However, at the recent G-7 meeting, the group pressed China for more rapid appreciation of the RMB, saying that “exchange rates should reflect economic fundamentals”.

China’s finance minister, Jin Renqin, has been quoted as saying that any such appreciation will be “gradual”.

At the same time rumours have been circulating that there may be another, larger, appreciation of the RMB planned for January 1st next year.

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