China lifts yuan midpoint for sixth day to highest since July 2018
WORLD ECONOMY

China lifts yuan midpoint for sixth day to highest since July 2018

News Service Reuters

China's central bank on Thursday lifted its official yuan midpoint for the sixth trading day to the highest since July 2018, underpinned by solid gains in spot prices a day earlier.

The People's Bank of China (PBOC) set the midpoint rate at 6.6556 per dollar prior to the market open, 225 pips, or 0.34%, firmer than the previous fix of 6.6781. It was the strongest guidance rate since July 11, 2018.

Onshore spot yuan advanced to end the domestic session at a more than two-year high against the dollar on Wednesday, led by firmer central bank guidance and recent data showing a sustained recovery in the world's second-largest economy.

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