China sets yuan fixing rate at 15-month high amid offshore gains

China’s central bank has set the yuan’s daily reference rate at its strongest level in 15 months, as the currency strengthened in offshore trading and briefly broke through the closely watched seven-per-US-dollar threshold. The People’s Bank of China set the yuan’s midpoint, or daily fixing rate, at 7.0331 to the US dollar on Monday – its strongest showing since early October 2024. The move followed a recent rally in the Chinese currency, with the offshore yuan briefly breaching the benchmark...