January 16, 2018 / 1:34 AM / a year ago

China lifts yuan midpoint to highest in over two years

FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

SHANGHAI (Reuters) - China’s central bank on Tuesday set its official yuan midpoint at the highest level in more than two years, to 6.4372 per dollar, underpinned by a solid spot yuan performance a day earlier.

Tuesday's official midpoint CNY=PBOC was 202 pips, or 0.31 percent, firmer than the previous fix of 6.4574 on Monday and was the strongest since Dec.11, 2015.

China's yuan CNY=CFXS leapt to its strongest in more than two years against the dollar at the official local close on Monday, buoyed by the Bundesbank's decision to include the yuan in its reserves and as corporate banking clients offloaded dollars. [nB9N1M9012]

Reporting by Winni Zhou and John Ruwitch; Editing by Shri Navaratnam

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