Easing of documentary requirements increases onshore renminbi hedging

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The more flexible approach to documentary requirements by Chinese regulators onshore has made it easier for corporates to hedge their dollar exposures at a time when the renminbi continues to gain against a range of currencies.

While many Asian currencies have fallen heavily this year, the renminbi has gained 3% and is currently trading at a five-year high of 6.11 versus the US dollar albeit within a narrow permitted range. Since last year, the Chinese yuan has been allowed to rise or fall by 1%

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