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Renminbi reaches new high for 2017

The renminbi has gained further on the dollar in the wake of comments from the US Federal Reserve, pushing the Chinese currency to a new record level for the year to date.

The renminbi firmed as much 0.4 per cent on Thursday to 6.7251, the strongest level in 2017 so far after the after China’s central bank set its trading band for the currency firmer by a third of a per cent.

That level also marked the strongest for the renminbi in more than nine months, since October 14, 2016.

The US central bank on Wednesday announced it would leave interest rates unchanged following a meeting of its policy-setting Open Market Committee, acknowledged recent disappointing data on inflation and said it still expected its 2 per cent inflation target to be met in the medium term.