SHANGHAI, March 21 — China’s central bank today lifted its official yuan midpoint to the strongest level in eight months at 6.6850 per dollar, to reflect losses in the greenback overnight after the Federal Reserve signalled an end to monetary policy tightening.
Today’s midpoint was 251 pips, or 0.38 per cent, firmer than the previous fix of 6.7101 and was the strongest since July 17, 2018.
The US dollar fell sharply against a basket of major currencies after the Fed held US interest rates steady and its policymakers abandoned projections for further rate hikes this year as the central bank flagged an expected slowdown in the economy. — Reuters
