Far more to Renminbi than USD/CNY cross

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The prevailing market view, as depicted in a recent Reuters article, is seemingly that Chinese policy makers are happy to allow further Renminbi appreciation versus the Dollar driven by a rising domestic trade surplus and strong capital account inflows. The Renminbi has indeed appreciated 2.2% versus the Dollar since our last report on 22nd October (PBoC likely to keep Renminbi on tight leash), with the USD/CNY cross currently trading near its lowest level since mid-2018. However, the US accounts for only about 20% of Chinese trade in goods. The Renminbi Nominal Effective Exchange Rate is t
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