China lifts yuan midpoint to near 1-month high, index strongest since 2016

China's central bank set its official yuan midpoint at a near one-month high on Monday, lifting its value against its major trading partners to cross the key 100-mark for the first time since 2016.

The People's Bank of China (PBOC) set the midpoint at 6.4479 yuan per dollar prior to the market open, 125 pips, or 0.2%, stronger than the previous fix of 6.4604. It was the firmest since Sept. 16.

And the strengthened official guidance rate pushed China's trade-weighted yuan basket index to 100.09, the highest since Feb. 3, 2016, up 5.54% so far this year, according to Reuters' calculations based on official data.

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