The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at 6.1100 Wednesday, 14 pips stronger than the 6.1114 fixing on Tuesday, according to the China Foreign Exchange Trade System. That is a record high for the Chinese unit’s daily central parity rate against the greenback since the peg ended in 2005. The renminbi is allowed to rise or fall 1 percent from the daily reference rate. Spot renminbi strengthened 0.02 percent to 6.0710 on Tuesday after trading between 6.0703 and 6.0726 in Shanghai. The redback’s daily midpoint against the US dollar has risen 2.87 percent this year, central bank data shows.
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