The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at 6.1087 Wednesday, 21 pips weaker than the 6.1066 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 0.04 percent to 6.0505 on Tuesday after trading between 6.0494 and 6.0526 in Shanghai. The redback’s daily midpoint against the US dollar has fallen 0.19 percent this year, central bank data shows.
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