China’s central bank sets onshore yuan fixing at strongest point in nearly 16 months

China’s central bank strengthened the yuan’s daily fixing for a third consecutive session to a nearly 16-month high, as the currency also held firm in offshore markets despite recent US dollar strength. On Tuesday, the People’s Bank of China set the yuan’s midpoint rate, also known as the daily fixing rate, at 7.0103 to the US dollar – the strongest showing since the end of September 2024, when the rate was set at 7.0074. That official midpoint rate, however, was still weaker than that of the...