China lifts yuan midpoint to highest in over two years

  • Chinese officials set the yuan midpoint at the highest level in more than two years on Tuesday
Chinese yuan and dollar
China Photos | Getty Images
Chinese yuan and dollar

China's central bank on Tuesday set its official yuan midpoint at the highest level in more than two years, to 6.4372 per dollar, underpinned by a solid spot yuan performance a day earlier.

Tuesday's official midpoint was 202 pips, or 0.31 percent, firmer than the previous fix of 6.4574 on Monday and was the strongest since Dec.11, 2015.

China's yuan leapt to its strongest in more than two years against the dollar at the official local close on Monday, buoyed by the Bundesbank's decision to include the yuan in its reserves and as corporate banking clients offloaded dollars.