Saturday, Apr 27 2024 | Time 00:58 Hrs(IST)
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World


China's yuan extends gains on firmer fixing and state bank support

SHANGHAI, Jun 28 (Reuters) China's yuan on Wednesday extended the previous day's gain against the US dollar, which traders attributed to a significantly firmer midpoint setting and support from major state-owned banks.
Prior to market opening, the People's Bank of China (PBOC) set the yuan midpoint at 6.8053 per dollar, lifting it 239 pips from Tuesday's fixing to the strongest level since June 19.
The 0.4 percent hike for the fixing was the biggest one-day strengthening, in percentage terms, since June 1. It followed Tuesday's late surge in the spot yuan rate and overnight losses for the dollar.
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