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Fitch Rating Agency said on Tuesday that a freely floating RMB may have a positive impact on China's sovereign credit rating, as it helps maintain foreign exchange reserves and mitigates some of the negative effects of U.S. trade tariffs.
Andrew Fennell, chairman of Fitch's sovereign ratings, said Monday's drop in the renminbi below 7 against the dollar was "meaningless from a sovereign credit point of view".
"In fact, in the case of orderly fluctuations without undermining the expected stability of exchange rates or accelerating capital outflows, greater exchange rate flexibility can even be seen as a positive factor from a credit point of view."
He added that the Chinese authorities had been seeking greater exchange rate flexibility for some time, with the RMB tending to weaken during the escalation of the trade war and to strengthen during the calm period.
In the latest escalation of the trade war, Washington threatened to impose a 10% tariff on $300 billion of Chinese imports to the United States. Fitch said that this move made U.S. trade protectionism beyond its baseline forecast.

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