The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at 6.1078 Wednesday, 9 pips weaker than the 6.1069 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 eased 0.02 percent to 6.0606 on Tuesday after trading between 6.0576 and 6.0620 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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