China sets yuan midpoint at strongest in 10-1/2-months

SHANGHAI (Reuters) – China’s central bank on Thursday set the yuan midpoint at the highest level in 10-1/2 months, 6.6770 per dollar.

It was the first setting stronger than the psychologically important 6.7 per dollar level since Sept. 30.

Thursday’s official guidance was 305 pips or 0.46 percent firmer than the previous fix at 6.7075 per dollar. The move in the guidance was the biggest one-day strengthening, in percentage terms, since June 1.

Reporting by Winni Zhou and John Ruwitch

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