It is for the first time since two decades that the Chinese currency renminbi has jumped to its highest levels against the dollar thereby marking a small burst of appreciation, which has too caught many investors flat-footed.
Yes, it is the reports of two consecutive days that confirmed that the Chinese currency hit the upper limit of its daily trading band on the days against the dollar, which has somewhat given a strength to the data that pointed a broad slowdown in the country's economy.
According to the details provided, the currency was trading at 6.2676 to the dollar during midday on Friday, which was calculated to be up by 0.15 percent from the figures at which it closes on Thursday. Moreover, the figures also were very near to the top of the 1 percent range that allows it to deviate from a daily fixing set by the central bank.
Renminbi has reported a jump of approx 2 percent against the dollar in the last three month, which has left many investors frustrated.
"This is something that has been quite remarkable," said Mr. Louis Kuijs, an economist with Royal Bank of Scotland in Hong Kong.
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