The appreciation of the renminbi will further bolster the Chinese currency's internationalization and enable market forces to have a greater say in determining exchange rates and fend off wild swings, monetary authorities said on Thursday. The renminbi has strengthened by 3.3 percent against the US dollar so far since the end of last year, based on the spot exchange rate at the close on Monday as a reference, when it peaked to 6.754 yuan per dollar in onshore trading. However, an official of the People's Bank of China, the central bank, termed it a "moderate" yuan appreciation, when compared with other major ... (full story)