The renminbi lost ground on Monday as US trade officials began a fresh round of trade talks in Beijing and as Chinese traders returned from the week-long lunar new year break.
The onshore renminbi – bound by a trading band set by Chinese central bankers – dropped 0.5 per cent to Rmb6.7768 per dollar in early Asia-Pacific trading, its lowest since January 25.
Sue Trinh, head of Asia FX strategy, Royal Bank of Canada, said the daily fix was a little higher than forecast, which “fuelled the view that perhaps China has given up on keeping the onshore strong, just as hopes of a break-through in the 90-day US-China negotiation fade (China) and markets have struck a cautious tone to start the week.”
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