China lifts yuan midpoint to highest level in 29 months

China's central bank on Tuesday lifted its official yuan midpoint to the highest in nearly 29 months, underpinned by solid gains in spot prices a day earlier. The People's Bank of China (PBOC) set the midpoint rate at 6.5762 per dollar prior to the market open, 286 pips, or 0.43%, firmer than the previous fix of 6.6048.

It was the strongest guidance rate since June 27, 2018.