Offshore RMB makes biggest daily gain in a year

The offshore version of China’s currency has had its biggest one-day gain in nearly a year, climbing from a record low, on speculation Beijing is examining new ways to curb capital outflows that have dogged the economy, the Financial Times reports.  In trading outside the mainland, the renminbi pushed the dollar back more than 1% to Rmb6.8824 in London hours on Wednesday, having traded at Rmb6.969 earlier in the Asian day. Analysts said reports of China introducing fresh curbs on capital outflows – and potentially even pushing state-owned groups to repatriate funds – reversed the bearish mood that prevailed on Tuesday, when the currency touched an all-time low offshore of Rmb6.9866. Recently, bets on further renminbi weakness have increased as it nears Rmb7 to the dollar.