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PBoC strengthens renminbi trading band midpoint past Rmb6.7

China’s central bank strengthened the trading band for the renminbi by the most in more than two months on Thursday, pushing its midpoint below Rmb6.7 per dollar for the first time in over ten months.

The People’s Bank of China set the midpoint around which the renminbi can trade in either direction at Rmb6.677, 0.5 per cent lower from Wednesday’s level and marking the largest one-day strengthening since June 1.

The move put the fix below Rmb6.7 for the first time in over ten months, having kept it above that level since October 10, 2016.

The onshore renminbi exchange rate (CNY) was 0.2 per cent stronger at Rmb6.66 as trading began on Thursday morning. The offshore renminbi exchange rate (CNH), which is not bound by the trading band, was 0.3 per cent firmer at Rmb6.641.