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China C.Bank sets yuan midpoint guidance at 3M peak

China C.Bank sets yuan midpoint guidance at 3M peak

Mubasher: The People’s Bank of China (PBoC) set its official yuan’s (CNY) midpoint reference at its highest levels in three months, Reuters reported.

The move mirrored strong gains for the currency in spot trading earlier after progress in negotiations with the US towards a partial trade pact.

The PBoC set the midpoint rate at CNY 7.0080 per dollar, 0.43% higher than the prior fixing of CNY 7.0385 and the strongest since early last August, while it was the biggest uptick in percentage terms since late last June.

Hopes were raised over a breakthrough progress in the trade negotiations between the US and China.

By 11:38 am GMT, the USD/CNY pair slipped by 0.13% to CNY 7.0008.