Renminbi “not for gambling,” state media warns as value skyrockets ｜ Appledaily
China has warned foreign investors not to treat its currency as a gambling tool after a recent rise in the renminbi’s value.
The central bank was taking action to restrict the exchange rate in the country so that renminbi speculation would become more expensive, Xinhua News Agency said in a report on Wednesday.
He cautioned against emerging signs of speculation in the Chinese currency and said investors “should not treat the renminbi like gambling tokens.”
The news agency also blamed an economic stimulus policy in the United States for the increased value of the renminbi, saying U.S. officials deliberately downplayed inflation risks.
The inflow of foreign currency into the A-share market this year reached 209.4 billion yuan ($ 32.8 billion), according to Bloomberg data. This has already exceeded the total amount of 208.9 billion yuan recorded in 2020.
On Wednesday morning, the central parity of the renminbi against the US dollar was pegged at 6.3773, falling for the first time in seven days.
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