Chinese renminbi hits five-year high against dollar

The exchange rate is now 6.7975 renminbi to one US dollar; the highest level since July 2005. US Treasury Secretary Timothy Geithner previously hit out at China for refusing to remove its peg to the dollar. The US had accused Chinese officials of being "currency manipulators" and keeping the renminbi artificially low to benefit exports. This led to President Obama's administration ramping up the pressure on China to unpeg its currency When China said it would allow greater flexibility for the renminbi earlier this month, President Obama welcomed the move, saying: "China's decisi...