Still shackled
The renminbi failed to appreciate sharply following the National People's Congress in Beijing leaving market participants scrambling to cover their short positions. Kathleen Kearney examines the current state of the market
Speculation in renminbi non-deliverable forwards (NDFs) soared in advance of the annual National People's Congress (NPC) meeting in mid-March. This was down to the belief that China's parliament would put an end to market uncertainty, succumb to international pressure and announce a major one-off upward revaluation of the currency.
By the end of the week-long session on March 13, no such development or any intention of employing such a measure had been revealed, which brought about frenzied short
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