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China sets yuan midpoint at strongest in 15-1/2-months
September 5, 2017 / 1:55 AM / 2 months ago

China sets yuan midpoint at strongest in 15-1/2-months

SHANGHAI (Reuters) - China's central bank raised its official yuan midpoint CNY=PBOC for the seventh straight session on Tuesday to 6.5370 per dollar, the strongest level since May 18, 2016.

FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

The higher fix reflects gains in the spot yuan rate from a day earlier rather than dollar movements in global markets, market participants said.

Tuesday’s midpoint, which is 298 pips or 0.45 percent firmer than the previous fix, was also the biggest move in percentage terms since Aug.10. Monday’s guidance was fixed at 6.5668 per dollar.

China's yuan CNY=CFXS advanced against the U.S. dollar to the highest in 15-1/2 months at one point on Monday as corporates continued to sell dollars.

Reporting by Winni Zhou and Andrew Galbraith; Editing by Sam Holmes

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