July 27, 2017 / 1:33 AM / a month ago

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

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

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.

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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