China sets yuan mid-point at strongest level in nearly four months

Last Updated: Tue, Jan 02, 2018 09:40 hrs
FILE PHOTO: Illustration photo of a China yuan note

SHANGHAI (Reuters) - China's central bank lifted its official yuan midpoint to the highest level in nearly four months to 6.5079 per dollar on Tuesday, reflecting broad dollar weakness and solid spot yuan performance in the previous trading day.

Tuesday's official midpoint was 263 pips or 0.4 percent firmer than the previous fix of 6.5342 on Friday and was the strongest since Sept. 11.

The dollar fell to its lowest in over three months against a basket of major currencies on Friday, marking its steepest annual drop since 2003.

The Chinese yuan registered a rise of around 6.8 percent against the greenback in 2017, recovering from a roughly 6.5 percent loss a year earlier and reversing three straight years of depreciation.

(Reporting by Winni Zhou and Brenda Goh; Editing by Sam Holmes)

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