The Chinese currency slipped to its lowest in more than one year on Tuesday despite fresh measures by central bankers in Beijing to fortify China’s economy. 

The offshore renminbi dropped as much as 0.6 per cent to Rmb6.8024 in early Asia-Pacific trading, its weakest since late June last year. The onshore renminbi exchange rate, which moves within a trading band 2 per cent either side of a daily midpoint set by the country’s central bank, was down 0.5 per cent at Rmb6.8241, also its lowest since last June. 

The moves came after China’s central bank  injected Rmb502bn ($74bn) into its banking system on Monday to help fortify a weakening domestic economy against the impact of an escalating trade war with the US and growing friction with Washington over its falling currency.  The injection was the most emphatic move in a series of recent indications that Beijing is moving to ease monetary policy.