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Renminbi strengthens past Rmb6.45 per dollar to 21-month high

The renminbi climbed to a 21-month high against the dollar on Friday after China’s central bank strengthened the currency’s trading band and the greenback languished at its weakest level since the start of 2015.

The onshore renminbi, which trades 2 per cent either side of a daily midpoint set by the People’s Bank of China, strengthened to a high of Rmb6.449 against the dollar during Asia trade, its highest intraday level since December 2015. It subsequently pulled back to Rmb6.4531.

The offshore renminbi strengthened as much as 0.5 per cent against the dollar to Rmb6.4521 its highest intraday level since March 2016. It later fell back to Rmb6.4625 against the dollar.

The dollar index, which measures the greenback against a weighted basket of peers, weakened 0.5 per cent to 91.213, to its lowest level since the start of 2015.