China lifts yuan mid-point to strongest level in 5-1/2 weeks

SHANGHAI, June 21 — China’s central bank today lifted its official yuan midpoint to 6.8472 per dollar, the strongest in 5-1/2 weeks, reflecting gains in the spot rate in the previous session.

Today’s midpoint was 333 pips, or 0.49 per cent, firmer than the previous fix of 6.8805 and was the strongest since May 14.

The move in today’s guidance rate was the biggest one-day strengthening in percentage terms since February 21.

The Chinese yuan rallied yesterday to finish the domestic session at its strongest level in six weeks on broad dollar weakness after the US Federal Reserve signalled it could cut rates as early as next month to bolster its economy. — Reuters