The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at 6.0990 on Thursday, the first trading day of the year, 21 pips weaker than the 6.0969 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 0.13 percent to 6.0539 on Tuesday after trading between 6.0506 and 6.0590 in Shanghai. The redback’s daily midpoint against the US dollar has risen 0.03 percent this year, central bank data shows.
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