August 30, 2017 / 1:40 AM / 6 months ago

China sets yuan midpoint at highest in over a year

SHANGHAI (Reuters) - China's central bank raised its official yuan midpoint CNY=PBOC on Wednesday to 6.6102 per dollar, the strongest level since Aug. 17, 2016, reflecting broad weakness in the U.S. currency in global markets and gains in the spot yuan rate from a day earlier.

Wednesday’s midpoint was 191 pips or 0.29 percent firmer than the previous fix of 6.6293 set on Tuesday. But market players said the fixing came in weaker than their models had suggested.

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

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