The US dollar fell against major Asian currencies while gold reached a new record high after China’s central bank acknowledged the case for a stronger renminbi on Wednesday, days ahead of the arrival in Beijing of US president Barack Obama for talks expected to highlight mounting international concern over Chinese currency policy.

Mr Obama’s visit, as part of an Asian tour, also comes as the US dollar hits a 15-month low on a trade-weighted basis, raising questions about its future as the global reserve currency.