The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at 6.1430 on Wednesday, 15 pips weaker than Tuesday’s 6.1415 fixing, according to the China Foreign Exchange Trade System. The renminbi is allowed to rise or fall 1 percent from the daily reference rate. Spot renminbi strengthened 0.01 percent to settle at 6.1211 on Tuesday after trading between 6.1179 and 6.1214 in Shanghai. The redback’s daily midpoint against the US dollar has risen 2.32 percent this year, central bank data shows.
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