China weighs allowing the renminbi to ‘crack 7’ - FT

Dhwani Mehta FXStreet

According to an article carried by the Financial Times (FT), China is mulling over allowing the Renminbi to crack “7” figure, as per the latest trader talks.

Guan Tao, an economic expert at Wuhan University and a former official at the State Administration of Foreign Exchange, the country’s regulator., noted: “In terms of the market, 7 is seen as an important ‘integer threshold’.” But “there is not enough information to support whether 7 is as important as the market thinks.”

In a sign of nervousness, a teller at a bank in Beijing said: Cracking seven would make Chinese people “feel like they had lost money”.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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