The renminbi rose 0.1% against the US dollar to its highest level since 1993 after US President Barack Obama criticized China’s currency policy, Bloomberg reported. One US dollar bought 6.7082 renminbi earlier this morning after Obama said the currency is "valued lower than market conditions say it should be" and that Chinese leaders had not done "everything they said would be done" to allow it to appreciate. Twelve-month non-deliverable forwards also rose, by 0.3% to 6.5955 per US dollar this morning. Obama’s comments come in the wake of US Treasury Secretary Timothy Geithner’s testimony before a Congressional committee last week, during which he also criticized China’s currency policy. Geithner’s comments were also followed by a slight appreciation of the renminbi.
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