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China fear of instability driving policy on offshore renminbi

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China fear of instability driving policy on offshore renminbi

Thursday 4 November 2021 – Vol.12 Ed.44.4

Commentary: PBoC interventions in offshore renminbi necessary for now

By Herbert Poenisch in Hangzhou

Offshore currency markets for both the dollar and renminbi are free from domestic monetary policy restrictions. But while the US takes a hands-off approach to the offshore dollar, Chinese authorities are concerned about the impact of the offshore market on the internationalisation of the renminbi. The People’s Bank of China regularly intervenes in the offshore market to smooth interest and exchange rates. This is a necessary solution, for now.

Read the full commentary on the website

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