The People’s Bank of China set the renminbi’s daily midpoint at 6.1024 per US dollar on Monday, 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 26 pips from Friday’s 6.1050 fixing. Spot renminbi strengthened 0.1 percent to settle at 6.0686 on Friday after trading between 6.0670 and 6.0736 in Shanghai. The reference rate has risen 3 percent this year, central bank data shows.
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