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Renminbi firmer as dollar hovers at one-week low

Asian currencies were putting in a mixed performance on Tuesday as China’s renminbi led gains in the region and the euro held steady in the lead-up to a gathering of central bankers this week in Jackson Hole, Missouri.

The Japanese yen was the biggest mover among major currencies, weakening 0.2 per cent against the dollar to ¥109.24.

The onshore renminbi strengthened 0.1 per cent against the greenback to its strongest in almost two weeks at Rmb6.6579 per dollar after the People’s Bank of China set the midpoint around which the renminbi can trade 2 per cent in either direction at Rmb6.6597, its strongest in 11 months.

The offshore renminbi, which is not bound by the midpoint, was 0.1 per cent firmer at Rmb6.6803.

The dollar index, a measure of the currency against six peers, as was hovering at a one-week low of 93.120.

The euro was flat at $1.1811 as the market participants await further clues from ECB president Mario Draghi addresses the strength of the single currency when he speaks at Jackson Hole later this week.