SteelOrbis Shanghai
The Chinese currency (RMB) has continued to rise under the market expectations that a further interest rate cut will be made by the US Federal Reserve in the near future. The latest data released by the China Foreign Exchange Trade System show that the RMB has broken the 7.2 mark against the US dollar, reaching 7.1996.
This is the 11th time that the RMB has hit new record highs against the US dollar since the beginning of 2008.