China central bank sets yuan midpoint at strongest level in 2016

[SHANGHAI] The People's Bank of China (PBOC) set its official midpoint rate at 6.4905 per dollar prior to the market open on Friday, its strongest fixing in 2016, after the greenback tumbled following the European Central Bank's bold easing measures.

The central bank's official guidance rate for the Chinese currency also strengthened 0.34 per cent from Thursday's fixing of 6.5127, its biggest daily strengthening since Nov. 2 last year.

The dollar index tumbled 1.1 per cent overnight after the ECB's easing steps, retaining its loss to remain nearly unchanged in early Asian trade on Friday.

REUTERS