The renminbi marked the first day of its new trading regime with a 0.3 per cent fall, taking it to an 11-month low against the US dollar in the onshore market.
Over the weekend, Chinese authorities doubled the band in which the renminbi trades to 2 per cent above or below a daily fixing point set by the People’s Bank of China. The previous limit of 1 per cent a day had been in place since April 2012, though it was rarely tested.
By mid-afternoon on Monday in Shanghai, the Chinese currency had dropped to Rmb6.168 against the dollar, its weakest since April last year and down more than 1.7 per cent since mid-February.
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