The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at 6.1408 Wednesday, 4 pips firmer than the 6.1412 fixing on Tuesday, 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 0.09 percent to 6.1026 on Tuesday after trading between 6.1007 and 6.1089 in Shanghai. The redback’s daily midpoint against the US dollar has risen 2.36 percent this year, central bank data shows.
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