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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.

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