China took a further step towards increasing its currency’s global role, allowing domestic companies to move renminbi offshore for investment purposes.
The shift came as the People’s Bank of China allowed the currency’s daily trading reference point to strengthen through the Rmb6.6 per dollar level for the first time on Thursday, a day after Tim Geithner, US Treasury secretary, reiterated concerns about China’s currency policy.
The renminbi, which many of China’s trading partners believe is undervalued, will feature in discussions next week between Hu Jintao, Chinese president, and his US counterpart, Barack Obama, in Washington.
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