China weighs allowing the renminbi to ‘crack 7’ - FT

According to an article carried by the Financial Times (FT), China is mulling over allowing the Renminbi to crack “7” figure, as per the latest trader talks.

Guan Tao, an economic expert at Wuhan University and a former official at the State Administration of Foreign Exchange, the country’s regulator., noted: “In terms of the market, 7 is seen as an important ‘integer threshold’.”  But “there is not enough information to support whether 7 is as important as the market thinks.”

In a sign of nervousness, a teller at a bank in Beijing said: Cracking seven would make Chinese people “feel like they had lost money”.