China lifts yuan midpoint to 1-month high, but weaker than expected

China lifted its official yuan midpoint to a more than one-month high on Thursday, but it wasn't as strong as the market had expected.

The People's Bank of China (PBOC) set the midpoint at 6.3542 yuan per dollar prior to the market open, 116 pips, or 0.18%, stronger than the previous fix of 6.3658. It was the firmest since Dec. 9, 2021.

However, it was weaker than market projections, and 77 pips softer than Reuters' estimate of 6.3465.