Headroom is tight for renminbi to appreciate

Weak China economy growth is involved.

The renminbi spot rate remained broadly stable at 6.14 last week.

According to a research note from CCB International, the renminbi middle rate appreciated only 13bp to reach 6.1455 last week while the spot rate remained stable at 6.14.

The renminbi NDF and CNH rates both depreciated, by 88bp and 15bp, respectively, to reach 6.24 and 6.14.

The report noted that it believes there is limited headroom for the renminbi to appreciate given the slowdown in international fund inflows.

The report also pinpointed the weak economic growth in China as a reason.

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