The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at 6.1321 on Monday, 25 pips stronger than the 6.1346 fixing on Friday, according to the China Foreign Exchange Trade System. Over the weekend, the PBOC announced it would double the daily trading band of the renminbi against the US dollar from Monday, allowing the Chinese currency to fluctuate up to 2 percent from the central parity rate, up from 1 percent previously. Spot renminbi eased 0.23 percent to 6.1502 on Friday after trading between 6.1378 and 6.1520 in Shanghai. The redback’s daily midpoint against the US dollar has fallen 0.57 percent this year, central bank data shows.
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