China lifts yuan midpoint to highest level in 5 months

• China's central bank lifted its official yuan midpoint to the highest in five months on Wednesday to reflect strong gains.
•  China's onshore spot yuan rallied on Tuesday, supported by corporate dollar selling.

SHANGHAI: China's central bank lifted its official yuan midpoint to the highest in five months on Wednesday to reflect strong gains in the spot yuan in the previous session.

The People's Bank of China (PBOC) set the midpoint rate at 6.9450 per dollar prior to the market open, 240 pips or 0.35% firmer than the previous fix of 6.9690 and the strongest since Aug. 5, 2019.

China's onshore spot yuan rallied on Tuesday, supported by corporate dollar selling.