The People’s Bank of China on Tuesday set the renminbi’s daily midpoint softer at 6.1412 against the US dollar. The Chinese currency’s central parity rate retreated by 6 pips from Monday’s record-high fix of 6.1406, 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 0.2 percent to settle at 6.1079 on Monday after trading between 6.1073 and 6.1188 in Shanghai. The redback has risen 2.35 percent this year, central bank data shows.
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