Wires

China lifts yuan midpoint for 4th straight session to 5-1/2-month high

SHANGHAI, Jan 15 (Reuters) - China's central bank lifted its official yuan midpoint for the fourth straight day on Wednesday to the highest in 5-1/2 months to reflect strong gains in the spot yuan in the previous session.

The People's Bank of China (PBOC) set the midpoint rate at 6.8845 per dollar prior to the market open, 109 pips or 0.16% firmer than the previous fix of 6.8954 and the strongest since July 31, 2019.

The spot yuan raced to its strongest against the U.S. dollar since July on Tuesday after the United States dropped its designation of China as a currency manipulator, in a further sign of easing tensions in the countries' trade war. (Reporting by Winni Zhou and Andrew Galbraith; Editing by Muralikumar Anantharaman)