March 27, 2018 / 1:34 AM / a year ago

China sets yuan mid-point at highest since 2015 devaluation

FILE PHOTO: U.S. Dollar and China Yuan notes are seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo

SHANGHAI (Reuters) - China’s central bank on Tuesday lifted its official yuan midpoint to 6.2816 per dollar, the strongest level since August 2015, breaching the key 6.3 level to reflect solid spot yuan performance a day earlier.

Tuesday's midpoint CNY=PBOC was 377 pips, or 0.6 percent, firmer than Monday's fix of 6.3193 and was the strongest since Aug. 11, 2015, when China shocked global markets with a sharp 2 percent one-off currency devaluation.

Traders said Tuesday’s official fixing largely matched market expectations.

China's yuan CNY=CFXS strengthened against the dollar on Monday to post its best day in nearly two months, when the dollar remained weak globally and worries about a possible trade war between the United Stated and China eased.

Reporting by Winni Zhou and John Ruwitch; Editing by Sam Holmes

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