August 31, 2017 / 1:37 AM / 10 months ago

China sets yuan midpoint at highest in over 14 months

SHANGHAI (Reuters) - China's central bank raised its official yuan midpoint CNY=PBOC on Thursday to 6.6010 per dollar, the strongest level since June 24, 2016, likely reflecting gains in the spot yuan rate from a day earlier rather than any broad dollar moves.

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

Thursday’s midpoint was 92 pips or 0.14 percent firmer than the previous fix of 6.6102 set on Wednesday.

China's yuan CNY=CFXS climbed to a 14-month high against the U.S. dollar on Wednesday, gaining more than 2 percent against the dollar so far this month, a sizable gain for a currency that typically trades in a wafer-thin range.

The renminbi is set for its biggest monthly gain since 1994, when China unified official and market exchange rates and price data was available.

Reporting by Winni Zhou and Andrew Galbraith; Editing by Shri Navaratnam

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