The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at 6.1022 on Monday, 13 pips stronger than the 6.1035 fixing last Friday, 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 0.05 percent to 6.0488 on Friday after trading between 6.0463 and 6.0514 in Shanghai. The redback’s daily midpoint against the US dollar has fallen 0.09 percent this year, central bank data shows.
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