China’s central bank lifted its yuan midpoint to a one-month high on Friday to reflect a bounce in the spot market a day earlier, as market sentiment recovered after sharp rebound in Chinese stocks.
The People’s Bank of China (PBOC) set the midpoint at 6.4602 yuan per U.S. dollar prior to market open, 340 pips or 0.53%, firmer than the previous fix of 6.4942. It was the strongest since June 30.
The move in Friday’s official guidance was the biggest one-day strengthening in percentage terms since Jan. 5.
– Reuters