The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at 6.1079 Wednesday, 37 pips weaker than the 6.1042 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 0.02 percent to 6.0512 on Tuesday after trading between 6.0508 and 6.0532 in Shanghai. The redback’s daily midpoint against the US dollar has fallen 0.18 percent this year, central bank data shows.
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