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Financial Times / Biz - Money

Renminbi continues to fall from last week’s 21-month high

China’s currency has extended its slide this week after its worst day in three months on Monday.

The onshore renmimbi weakened further on Thursday, down 0.2 per cent to Rmb6.5500 per dollar, its weakest level since September 4. This currency climbed to Rmb6.4349 against the dollar on Friday, a 21-month high.

On Thursday People’s Bank of China set the daily fix — the midpoint around which the renminbi can trade 2 per cent in either direction against the dollar — at Rmb6.5465, 0.1 per cent softer than Wednesday and the weakest it has been since September 4.

The offshore renminbi, which is not bound by the trading band, was 0.1 per cent weaker against the dollar at Rmb6.5559.

China’s central bank lowered the midpoint by 0.4 per cent on Tuesday, which was the most since January.

The dollar index, a measure of the currency against a weighted basket of peers, was on Wednesday paring gains from Tuesday, down 0.1 per cent.

The greenback lifted 0.6 per cent at 92.46 in late trade in New York, its highest point since September 5. US consumer price inflation data due out on Thursday and retail sales figures on Friday could push the dollar higher.