The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger.
The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last closed stronger last Thursday at Rmb6.9219.
The People’s Bank of China has set the daily midpoint fix for the renminbi’s 4 per cent trading band against the dollar at 6.88650 on Wednesday morning, just 0.03 per cent firmer but nonetheless marking a third consecutive move stronger.
But those moves broke rank from the recent trend of dollar-driven weakening. The dollar index, which measures the US currency against a basket of peers, had strengthened in afternoon Asia trade by 0.2 per cent.
The offshore rate (CNH), which is not technically limited by the trading band, was 0.21 per cent stronger at Rmb6.8995 against the greenback, or 0.79 per cent firmer since last Wednesday when it closed higher at Rmb6.9545.