China lifts yuan midpoint to strongest since May 2018

China's central bank lifted its official yuan midpoint to the strongest since May 2018 on Monday, to reflect strength in the spot market in the previous trading session. The People's Bank of China (PBOC) set the midpoint at 6.3411 yuan per dollar prior to the market open, 81 pips, or 0.13%, stronger than the previous fix of 6.3492.

China's central bank lifted its official yuan midpoint to the strongest since May 2018 on Monday, to reflect strength in the spot market in the previous trading session.

The People's Bank of China (PBOC) set the midpoint at 6.3411 yuan per dollar prior to the market open, 81 pips, or 0.13%, stronger than the previous fix of 6.3492. It was the firmest since May 14, 2018.

The much strengthened official guidance rate largely matched market forecasts. It was 2 pips weaker than a Reuters' estimate of 6.3409.

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