China's currency crept past 8.00 to the dollar for the first time on Monday, passing what the market had designated a psychological barrier for the renminbi, but still moving too slowly to arrest a surge in money supply and new loans.

The renminbi closed at 7.9984 in the wake of the US decision last week to refrain from naming China a “currency manipulator” and many analysts expect its appreciation to gather pace over coming months.