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China sets yuan mid-point at strongest level in nearly 4 months

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China's central bank lifted its official yuan midpoint to the highest level in nearly four months to 6.5079 per US dollar on Tuesday, reflecting broad US dollar weakness and solid spot yuan performance in the previous trading day.

[SHANGHAI] China's central bank lifted its official yuan midpoint to the highest level in nearly four months to 6.5079 per US dollar on Tuesday, reflecting broad US dollar weakness and solid spot yuan performance in the previous trading day.

Tuesday's official midpoint was 263 pips or 0.4 per cent firmer than the previous fix of 6.5342 on Friday and was the strongest since Sept 11.

The US dollar fell to its lowest in over three months against a basket of major currencies on Friday, marking its steepest annual drop since 2003.

The Chinese yuan registered a rise of around 6.8 per cent against the greenback in 2017, recovering from a roughly 6.5 per cent loss a year earlier and reversing three straight years of depreciation.

REUTERS

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