China lifts yuan midpoint to strongest in nearly a year

SHANGHAI: China lifted the official yuan midpoint to the strongest level in nearly a year on Monday, despite the latest trade tensions between Beijing and Washington. Prior to market opening, the People’s Bank of China (PBOC) set the midpoint rate at 7.1007 per dollar, its strongest since November 6, 2024.

And, the official guidance rate was 203 pips firmer than a Reuters’ estimate of 7.1210.

Market participants interpreted the firmer-than-expected fix as an official attempt to keep the yuan stable, traders said.