RMB trading fix at six-year low following US election

China’s central bank on Thursday set the midpoint for the renminbi’s trading band against the dollar at its lowest level in more than six years following the election of Donald Trump as president of the United States, the Financial Times reports. The 0.08% softening to RMB 6.7885 against the dollar allows the renminbi to trade 2% in either direction and brings the currency 0.55% weaker in the week to date against the greenback. It was the weakest level for the fix since early September 2010. The onshore Rmb (CNY) was trading 0.24% weaker against the dollar at RMB 6.7840 following the fix, while the offshore rate (CNH) had pushed 0.22% stronger to be RMB 6.7961. The president elect repeatedly pledged to label China a currency manipulator and impose high tariffs on Chinese imports during his campaign.