China's yuan touches 7-1/2 month high on stronger midpoint

SHANGHAI: China's yuan climbed to a 7-1/2 month high against the dollar on Wednesday, appreciating for the third straight session after the central bank again set a stronger midpoint.

The Chinese currency hit 6.1092 per dollar in early trade, its highest level since March.

It trimmed some gains by midday to change hands at 6.1117, up 0.03 percent from Tuesday's close.

Before the market opened, the People's Bank of China (PBOC) fixed the midpoint rate at 6.1405 per dollar, up 0.03 percent from the previous fix. Wednesday was the third consecutive day on which the midpoint was fixed at a stronger level.

The spot rate is currently allowed to trade 2 percent above or below the midpoint.