The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at a 6.0950 Monday, according to the China Foreign Exchange Trade System. The Monday central parity rate, from which the Chinese currency is allowed to rise or fall 1 percent, is 58 pips stronger than Friday’s 6.1008 fixing and a record high since the peg ended in 2005. Spot renminbi strengthened 0.05 percent to settle at 6.0521 Friday after trading between 6.0500 and 6.0540 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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