The offshore version of China’s currency has had its biggest one-day gain in nearly a year, from a record low, on speculation that Beijing is examining new ways to curb capital outflows.
In trading outside the mainland, the renminbi pushed the dollar back more than 1 per cent to Rmb6.8824 yesterday, having traded at Rmb6.969 earlier in the day.
Analysts said reports of fresh curbs on capital outflows — potentially pushing state-owned groups to repatriate funds — had reversed the bearish mood that prevailed on Tuesday, when the currency touched an all-time low offshore of Rmb6.9866.
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