The offshore yuan dropped the most in two weeks as China’s central bank injected cash through an open market operation for the first time in two months which helped ease a liquidity crunch on the mainland. The offshore spot yuan weakened 0.11 per cent, or 69 basis points, to 6.2085 as of 11:56 am, while the onshore spot yuan lost 0.03 per cent, or 16 basis points, to trade at 6.2088. Liquidity stress eased onshore as the central bank auctioned 35 billion yuan of seven-day reverse repo, the first time that such notes were offered since April 16. China’s central bank set the benchmark midpoint rate at its weakest level since June 17, in response to the US Treasury’s request for the currency to appreciate further. The United States will keep pressing China to move to a market-determined exchange rate even after Beijing committed to intervene in currency markets only when market conditions are disorderly, Treasury Secretary Jack Lew said on Wednesday, Reuters reported. Lew added that the true test of China’s commitment will come when its currency comes under pressure to appreciate. He made the remarks during the US-China strategic and economic dialogue which discussed key topics including adding the currency into the SDR (Special Drawing Right) basket at the International Monetary Fund. The Hong Kong dollar gained 0.01 per cent to 7.7516 against the dollar, while the dollar index lost 0.06 per cent to 95.21.