The People’s Bank of China set the renminbi’s daily midpoint at 6.1050 per US dollar on Friday, its strongest level since a landmark exchange rate reform in 2005, according to the China Foreign Exchange Trade System. The daily central parity rate, from which the Chinese currency is allowed to rise or fall 1 percent, strengthened by 106 pips from Thursday’s 6.1156 fixing. Spot renminbi eased 0.05 percent to settle at 6.0746 on Thursday after trading between 6.0711 and 6.0789 in Shanghai. The reference rate has risen 2.96 percent this year, central bank data shows.
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