November 6, 2019 / 1:40 AM / 3 months ago

China sets yuan midpoint at three-month high

SHANGHAI, Nov 6 (Reuters) - China’s central bank lifted its official guidance rate for the yuan to a near three-month high on Wednesday, reflecting strong gains in spot trading a day earlier thanks to progress in talks for a partial Sino-U.S. trade deal.

The People’s Bank of China (PBOC) set the midpoint rate at 7.0080 per dollar prior to the market’s open, 305 pips or 0.43% firmer than the previous fix of 7.0385 and the strongest since August 8, 2019.

The move in Wednesday’s guided rate was the biggest daily uptick in percentage terms since June 21. The official fixing was 10 pips firmer than Reuters’ estimate of 7.0090 per dollar.

The onshore spot yuan finished the domestic session at a three-month high against the dollar on Tuesday. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Shri Navaratnam)

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