China’s renminbi passed a little milestone today, as the country’s central bank set the midpoint around which the currency can trade above RMB 6.7 for the first time in six years, the Financial Times reports. That has seen the onshore renminbi, CNY, and its offshore counterpart, CNH, get pretty close to matching six-year lows that were hit a handful of months ago. This morning, the People’s Bank of China fixed the midpoint around which CNY can trade weaker by 0.34% at RMB 6.7008 per dollar. It was the weakest fix since September 2010. China’s currency is now one of the worst-performing global currencies this year, with a gain of 0.5% against the US dollar. In October, the IMF decided to include the renminbi in its special drawing rights basket.
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