China lifts yuan midpoint to one-month high to reflect dollar weakness


Reuters | Shanghai | Updated: 11-08-2022 06:53 IST | Created: 11-08-2022 06:53 IST
China lifts yuan midpoint to one-month high to reflect dollar weakness
  • Country:
  • China

China lifted yuan midpoint to a near one-month high against the dollar on Thursday to reflect broad greenback weakness in global markets following slower-than-expected U.S. inflation readings. The People's Bank of China set the midpoint rate at 6.7324 per dollar prior to market open, 288 pips or 0.43% firmer than the previous fix 6.7612, the strongest since July 14.

The dollar fell broadly following a cooler-than-expected U.S. inflation report for July that raised expectations of a less aggressive interest rate hike cycle than previously anticipated from the Federal Reserve.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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