Renminbi rhetoric hits new high

Mounting speculation about an imminent revaluation of the renminbi sparked a rise in volatility in early April, with renminbi non-deliverable forwards (NDFs) volatility reaching their highest rates since 2008.

The three-month USD/CNY NDF fell to its lowest level since July 2008, when China repegged the renminbi to the US dollar. The market priced in more renminbi appreciation risk on April 8, after speculation a renminbi appreciation was imminent. On April 8, renminbi 12-month NDFs were pricing

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