SHANGHAI, Sept 16 (Reuters) - China’s central bank on Wednesday lifted its official yuan midpoint the most in five months to the strongest level since May 2019, following a sharp rally in the spot market a day earlier.
The People’s Bank of China (PBOC) set the midpoint rate at 6.7825 per dollar prior to the market open, 397 pips or 0.59% firmer than the previous fix of 6.8222. It was the strongest guidance rate since May 9, 2019.
The fixing also marked the biggest one-day gain in percentage terms since April 8, 2020.
China’s yuan rose to a 16-month high on Tuesday, as upbeat industrial output and retail sales data suggested a broader recovery from the coronavirus crisis was underway. (Reporting by Winni Zhou and Andrew Galbraith Editing by Shri Navaratnam)
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