China's renminbi, aka yuan, has gained more in a single day following the return to trading after the Lunar New Year festivities than it has in the decade since the People's Bank of China began to liberalize the currency.

The renminbi jumped 1.2 percent in mainland trading on Monday following a week when it was only traded off-shore due to the celebrations surrounding the Year of the Monkey, which began last Monday. The last week saw the dollar lose value while the Japanese yen gained in value with the big spike in the value of the renminbi seen as an attempt to catch up with what the market did over the course of the last week.

“China’s authorities will not want the renminbi to start following the yen higher given the challenge Beijing faces in rebalancing the economy from manufacturing and investment towards consumption and exports without risking a hard landing,” said Mansoor Mohi-uddin, senior market strategist at RBS told the Financial Times.