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China’s currency hasn’t seen any major intraday moves this year, but gradual weakening in in March has brought the renminbi to its softest level against the dollar since mid-January.
The onshore exchange rate (CNY) for the renminbi, which trades 2 per cent in either direction of a daily midpoint set by the People’s Bank of China, softened as much as 0.1 per cent against the dollar on Thursday to Rmb6.9203, its weakest level since January 12.
Its ostensibly less-tightly managed offshore counterpart (CNH), traded primarily in Hong Kong, was as much as 0.2 per cent weaker at Rmb 6.9319 per dollar, its weakest level since January 4.
That marked another day in which the two rates returned to their previous, longtime norm of a stronger onshore rate – a reversion that has become more common in recent days, following a two-month stretch in which the offshore rate had remained reliably stronger.