China’s central bank set its daily currency “fix” at the lowest level in five years, tracking a weaker market price as the dollar rally took its toll on the renminbi.
The greenback has gained against a range of global currencies since minutes from the Federal Reserve's recent meeting raised the likelihood of an interest rate rise as early as June or July.
On Wednesday the People’s Bank of China set the fix 0.34 per cent below the previous day’s, in line with its commitment in August to set guidance based on the previous day’s spot close and the dollar’s moves against other global currencies.
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