Business
18:51, 22-Aug-2017
Chinese yuan up after PBOC fixes midpoint at 11 month high
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The Chinese yuan firmed against the US dollar on Tuesday after China's central bank set the midpoint at its firmest in 11 months.
It comes as the yuan continued to benefit from a soft dollar.
The People's Bank of China set the yuan's midpoint at 6.6597 per dollar prior to market opening.
It was the strongest level since September 22, 2016.
Tuesday's official guidance was 112 pips or 0.17 percent firmer than the previous fix.
In the spot market, the yuan opened at 6.6620 per dollar and was changing hands at 6.6570 at midday. That was 60 pips firmer than the previous late session close.
Traders said some market participants sold long dollar positions to reduce losses while some companies' seasonal dollar purchases capped the yuan's gains in morning trade.