China lifts yuan mid-point to strongest level in 5-1/2 weeks

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China’s central bank on Friday lifted its official yuan midpoint to 6.8472 per dollar, the strongest in 5-1/2 weeks, reflecting gains in the spot rate in the previous session.

Friday’s midpoint was 333 pips, or 0.49 percent, firmer than the previous fix of 6.8805 and was the strongest since May 14. The move in Friday’s guidance rate was the biggest one-day strengthening in percentage terms since Feb. 21.

The Chinese yuan rallied on Thursday to finish the domestic session at its strongest level in six weeks on broad dollar weakness after the US Federal Reserve signaled it could cut rates as early as next month to bolster its economy.

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