The renminbi rallied by the most in over two months on Thursday after US president Donald Trump said trade discussions with China were “moving along nicely”, comments that helped assuage concerns that Washington’s trade war with Beijing could spill over into the currency front as well.
The onshore exchange rate (CNY) for the renminbi extended its earlier gains to trade 0.8 per cent higher at Rmb6.9188 per dollar. That’s the biggest one-day rise since August 24 and takes the Chinese currency to its strongest level in over a week.
The offshore exchange rate for the renminbi (CNH), which is not bound by the onshore rate’s trading band, also firmed 0.8 per cent to Rmb6.9197 per dollar.
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