China sets yuan mid-point at highest since 2015 devaluation

SHANGHAI (Reuters) – China’s central bank on Tuesday lifted its official yuan midpoint to 6.2816 per dollar, the strongest level since August 2015, breaching the key 6.3 level to reflect solid spot yuan performance a day earlier.

Tuesday’s midpoint <cny=pboc>was 377 pips, or 0.6 percent, firmer than Monday’s fix of 6.3193 and was the strongest since Aug. 11, 2015, when China shocked global markets with a sharp 2 percent one-off currency devaluation.</cny=pboc>

Traders said Tuesday’s official fixing largely matched market expectations.

China’s yuan <cny=cfxs>strengthened against the dollar on Monday to post its best day in nearly two months, when the dollar remained weak globally and worries about a possible trade war between the United Stated and China eased.</cny=cfxs>