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China fixes yuan midpoint at fresh 7-month high

SHANGHAI, June 7 (Reuters) - China set its official midpoint at 6.7858 per dollar prior to the market open on Wednesday, its strongest level since November 9, reflecting broad weakness in the U.S. currency.

Wednesday's fixing was 76 pips, or 0.11 percent, firmer than the previous setting at 6.7934.

On June 1, the central bank pushed the reference rate for the yuan up by 0.8 percent, the midpoint's second largest one-day appreciation since the currency was de-pegged from the dollar in 2005.

Wednesday's higher mid-point highlighted a sudden shift by authorities to step up support for the currency, a move that has gathered pace since May 24, when Moody's Investors Service downgraded its sovereign credit rating for China for the first time since 1989.

(Reporting by Winni Zhou and John Ruwitch; Editing by Shri Navaratnam)