The People’s Bank of China set the renminbi’s daily midpoint at 6.0930 against the US dollar on Tuesday, according to the China Foreign Exchange Trade System. The latest central parity rate is 20 pips firmer than the 6.0950 fixing on Monday and the strongest since the peg ended in 2005. The renminbi is allowed to rise or fall 1 percent from the daily reference rate. Spot renminbi strengthened 0.14 percent to settle at 6.0434 Monday after trading between 6.0424 and 6.0513 in Shanghai. The redback’s daily midpoint against the US dollar has risen 0.06 percent this year, central bank data shows.
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