Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Chinese reminbi suffers biggest decline since 2005

Chinese reminbi suffers biggest decline since 2005

The Chinese renminbi has fallen by 1.5% against the dollar over the past two weeks, its biggest decline since the currency was de-pegged in 2005.

The Financial Times reported that heavy intervention from the People’s Bank of China (PBOC) has driven the currency lower reversing an 18 month upward trend. State-owned banks are believed to have been instructed to buy dollars, accumulating a record $73 billion of foreign currency, pushing China’s foreign exchange reserves up to $3.8 trillion.

The PBOC played down the move, saying that the degree of currency volatility was ‘normal by the standards of developed and emerging markets’,

Despite its latest intervention, many analysts expect the renminbi to continue climbing against the dollar over the course of the year.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Play SVM's Veitch on what's next for banks

SVM's Veitch on what's next for banks

SVM fund manager Neil Veitch is finding value in what he describes as unstable financials and talks through his favourite small caps.

Read More
Your Business: Cover Star Club

Profile: UBS' robo boss on what his tween can teach the industry

Profile: UBS' robo boss on what his tween can teach the industry

Co-head of UBS SmartWealth Shane Williams explains the simple life lessons missed by the first wave of robo pioneers

Wealth Manager on Twitter