FXMarketAlerts Team
FXMarketAlerts
Published at 07:16 (GMT) 24 Jul
People Daily: The Chinese renminbi (RMB) will become the world's third largest currency after the U.S. dollar and Euro within five years as the country accelerates the promotion of its currency unit. A report by the International Monetary Institute of Renmin University of China and the Bank of Communications, published on Sunday, said that the RMB internationalization index had risen to 1.69 by the end of 2013 from 0.92 a year before. The main impetus for the internationalization of the RMB comes from cross-border trade settlements and direct investment.
USD/CNH dropped to around 6.1900, mirroring USD/CNY decline, following stronger-than-expected flash PMI data. However further downside is limited as EUR/USD came under pressure ahead of flash Eurozone PMIs. Strong support is seen at 6.1862. BA
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