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Chinese Yuan is having its best day since the currency was de-pegged from US Dollar, back in 2005. Latest rocking performance is coming as speculation has risen high that People's Bank of China (PBoC) will broaden up its testing of full Yuan convertibility.
In recent day's PBoC has been taking measure to take Yuan to floating level in order to make the currency eligible for IMF's special drawing right basket.
- This morning, PBoC set the reference rate 0.16% stronger against Dollar at 6.3495. In the mainland Renminbi is allowed to trade within 2% of this band. However its offshore concern, which is mainly traded in Hong Kong is subjected to no such bans.
- PBoC also announced set of measures to test the waters around full Yuan convertibility. PBoC said it will allow foreign counterparties to open Yuan settlement accounts at domestic financial institutions and will test the convertibility of the currency in Shanghai free trade zone, where institutions can buy foreign assets without capital account constraints.
Yuan in Hong Kong is currently trading around 6.315 against Dollar.
