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China’s central bank has set the trading band for the renminbi marginally stronger ahead of the return of onshore trading on Friday morning.
The People’s Bank of China set the daily midpoint around which the currency can trade 2 per cent in either direction at Rmb6.8556, firmer by 0.05 per cent in the first fix since the lunar new year holiday suspended onshore trade on January 27.
The offshore renminbi softened as much as 0.2 per cent to Rmb6.8203 following the fix. The onshore currency will begin trading shortly.