China sets yuan midpoint at highest in 2 weeks

SHANGHAI: China's central bank set its official yuan midpoint at the highest level in over two weeks at 6.6033 per dollar on Thursday, supported by broad dollar weakness after an anticipated US Federal Reserve interest rate hike.

Thursday's official midpoint was 218 pips or 0.33 percent stronger than the previous fix of 6.6251 per dollar on Wednesday.

The move in the official midpoint was also the biggest one-day strengthening in percentage terms since Nov. 23.

Market participants said the official fix was in line with their forecasts, reflecting the dollar's movements in global trade overnight.

The dollar tumbled after the Fed raised interest rates in a widely expected move, but left its rate outlook for the coming years unchanged.