FXStreet (Mumbai) – The offshore CNH exchange rate, fell 0.68% on Thursday and extended the drop by another 0.05% in early Friday trading, to 6.5719 per dollar, its weakest since March 2011.
The People’s Bank of China announced a weaker fix for the tenth consecutive day today.
The onshore exchange rate dropped 0.17% on Thursday at 6.4837 per dollar, its weakest since July 2011. The currency has now been allowed to depreciate for seven consecutive weeks. Last Friday, the PBOC said its comfortable with a depreciating currency and added that it would prefer to gauge the renminbi’s value against a basket of currencies rather than just the US dollar.
(Market News Provided by FXstreet)