China’s renminbi lost ground on Friday after the country’s central bank set the band for onshore trading of the currency weaker than Rmb6.95 per dollar for the first time since early 2017.
The People’s Bank of China set the daily midpoint, around which the onshore rate can move 2 per cent in either direction, at Rmb6.951 on Friday.
That was after the offshore renminbi, not bound by the trading band, edged 0.1 per cent weaker in morning trading to more than Rmb6.96 per dollar. The onshore rate softened by about the same degree to Rmb6.9563 once the fix was in.
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