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China sets yuan midpoint at nine-month high as dollar wallows
July 27, 2017 / 1:33 AM / in 3 months

China sets yuan midpoint at nine-month high as dollar wallows

SHANGHAI (Reuters) - China’s central bank set the yuan midpoint at 6.7307 per dollar on Thursday, the strongest level since Oct. 18 2016, reflecting the dollar’s broad weakness in global markets.

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

Thursday’s official guidance was 222 pips or 0.33 percent firmer than previous fix at 6.7529 per dollar.

The move in the guidance was the biggest one-day strengthening in percentage terms since June 28.

The U.S. dollar fell overnight, touching its lowest level in more than a year against a basket of currencies after the release of the Federal Reserve’s policy statement following its July meeting.

Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill

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