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The renminbi has firmed up after China’s central bank fixed the currency’s dollar trading band stronger on Wednesday morning following a rally for the greenback spurred by the Federal Reserve chief’s hawkish comments.

The onshore renminbi was 0.1 per cent firmer at Rmb6.8681 per dollar in morning Asia trade. This came after the People’s Bank of China set the daily fix around which the currency can trade 2 per cent in either direction 0.25 per cent stronger at Rmb6.86320.

The dollar index, which measures the currency against a basket of peers, was flat in early Asia trade following a 0.3 per cent rise on Tuesday on comments by Federal Reserve chief Janet Yellen, who said it would be “unwise” to delay tightening monetary policy for too long.

The offshore renminbi, which is not bound by the trading band, was flat at Rmb6.8591 in early trade.

Copyright The Financial Times Limited 2017. All rights reserved.
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