Yesterday, the official exchange rate of Renminbi (the Chinese Yuan) vs the US Dollar increased by 12 basis ponts, thereby reaching the 8-year high – 6,1305. The information is reported by the Chinese currency exchange with reference to some official sources.
Market Leader reports that this is the highest exchange rate since 2005, when the People's Bank of China introduced the official parity rate and banned price deviations above 1% a day.
Masterforex-V Academy experts report that the Chinese currency is behaving so due to big-scale social and economic reforms that are being gradually unfolded in China. Not so long ago, Renminbi entered the TOP10 of most traded currencies.
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of USDCNY:
