Offshore RMB expanded its gains against the US dollar in intraday trading, once rising by more than 750 points or 1.2% to 6.3903. Now it has risen by 1.06% to 6.3988.

In his keynote speech at the Davos Forum in Dalian on Thursday, the Premier said that China will keep the RMB exchange rate basically stable at a reasonable and balanced level, and announced that foreign central banks will be allowed to directly enter the inter-bank foreign exchange market. In August 1 1, the Bank of China announced that it would allow RMB to depreciate unexpectedly, which led to the biggest decline of RMB in 20 years. Since then, the Bank of China has been selling dollars in the Shanghai market to stabilize the RMB exchange rate.