The offshore renminbi weakened past its onshore counterpart on Wednesday following the release of China trade data valued in renminbi terms which showed a deficit for the first time since 2014.
The offshore renminbi was trading 0.2 per cent weaker at Rmb6.9042 to the dollar following the figures showing a spike in imports had tipped the country’s trade balance into a deficit of Rmb60.4bn.
The onshore renminbi, which trades within a 2 per cent band around a daily fix set by the People’s Bank of China, was flat at Rmb6.9010 early in the afternoon session.
