The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at 6.1105 Wednesday, three pips stronger than the 6.1108 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 0.01 percent to 6.0710 on Tuesday after trading between 6.0703 and 6.0719 in Shanghai. The redback’s daily midpoint against the US dollar has risen 2.86 percent this year, central bank data shows.
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