Email of the day (3)
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September 21 2011

Commentary by Eoin Treacy

Email of the day (3)

on Chinese Renminbi trading:

"My trading platform has recently opened up for forex trading on the offshore Renminbi CNH against USD. This is a very interesting trade considering the long-term future possibilities of the Renminbi.

"However it appears that the offshore Renminbi trades at different rates than the Onshore Renminbi CNY, with greater volatility.

"I cannot find a chart on Bloomberg for USD-CNH. If you can find one and add it to the Chart Library I would be very grateful."

Eoin Treacy's view Thank you for this informative email. I have added the Offshore Renminbi spot rate to the Chart Library. With Chinese 1-year deposit rates at 3.5% versus a yield of 0.07% for US 12-month Treasury bills there is a comparatively attractive carry between the two currencies which is additionally flattered by the Renminbi's appreciation versus the US Dollar.

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