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China’s central bank has nudged the renminbi’s trading range against the dollar firmer in the first daily guidance after this week’s national holiday and ahead of a summit between the US and Chinese presidents.
The People’s Bank of China set the midpoint around which the renminbi can trade 2 per cent in either direction at Rmb6.8906 against the dollar, 0.1 per cent firmer from Friday’s level.
The fix is first the following the Tomb Sweeping day holiday that closed mainland markets on Monday and Tuesday and which saw the offshore exchange rate for China’s currency (CNH) markedly calmer despite the apparent absence of a daily guidepost from the central bank.
The offshore rate was flat following Wednesday’s fix at Rmb6.8792, having firmed marginally beforehand.
The onshore renminbi (CNY) market resumes trading shortly at around 9:30.