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

© Reuters. FILE PHOTO: Illustration photo of a China yuan note

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

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 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.

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