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Currencies weaker across the board in Asia, renminbi lower after China downgrade

China’s renminbi is sitting weaker after Moody’s Investors Services cut its credit rating on the country.

The offshore renminbi, which is traded outside the mainland and not subject to a daily trading band, narrowed early declines to be 0.04 per cent softer at a one week-low of Rmb6.8836 per dollar.

The onshore version of the currency, which trades 2 per cent either side of the central bank’s daily fixing, was 0.11 per cent weaker at Rmb6.8927.

The euro was flat at $1.1183 in Asia. On Tuesday, the single currency sank 0.5 per cent from Monday’s eight-month closing high despite the release of solid economic data from around the region.

The dollar index, a measure of the US currency against a basket of global peers, was fractionally lower at 97.38, but still hovering close to a six-month low. Minutes from the Federal Reserve’s May meeting will be released later today and may give hints about the prospects for a rate rise at the central bank’s June meeting.

The Japanese yen was 0.1 per cent weaker at ¥‎111.89 per dollar.