Currencies

China sets yuan midpoint at more than 2 year high

Key Points
  • China's central bank set its official yuan midpoint at a more than two year high
  • The official midpoint was the strongest since December 10, 2015
US dollar and Chinese yuan arranged for a photograph on September 7, 2017.
studioEAST | Getty Images

China's central bank set its official yuan midpoint at a more than two-year high on Wednesday at 6.4335 per dollar, underpinned by a solid spot yuan performance a day earlier and broad dollar weakness in global markets overnight.

Wednesday's official midpoint was 37 pips, or 0.06 percent, firmer than the previous fix of 6.4372 on Tuesday and was the strongest since Dec. 10, 2015.

China's yuan advanced for the fifth straight trading day on Tuesday to its highest level in more than two years at the official local close.

Meanwhile, the dollar fell to a three-year low against its peers, with an earlier bounce sputtering as the euro edged back after shaking off a potentially negative turn in German politics.