China will add 11 new currencies to CFETS RMB Index on 01 January 2017; expands the RMB Index from a basket of 13 currencies to 24 currencies. The CFETS Index is a guidance for market participants to look at Renminbi against a basket of currencies instead of focusing on USDCNY exchange rate only.
Malaysian Ringgit is very weak even against ASEAN currencies. There is a danger that investors must watch especially when USD is strengthening while the RMB is weakening further.
9 Asian currency pairs that are rising in favour of US Dollar strengthening. They are tradable thru Axitrader MT4 or on the Singapore Exchange (futures).
Once China published CFETS RMB Index, it becomes clear why they have to devalue Renminbi. 12 currencies named in the index have been devaluing since 2011.
China Foreign Exchange Trade System introduced RMB Index on Friday 11 Dec ’15 . It is a trade-weighted measure of RMB against 13 currencies of major trade partners.