China central bank fixes yuan midpoint at strongest level in nearly eight months

Illustration photo of a China yuan note

SHANGHAI (Reuters) – China’s central bank set the yuan midpoint <CNY=PBOC> at 6.7744 per dollar on Friday, its strongest level since Nov.7 2016, reflecting the dollar’s broad weakness.

Friday’s official guidance was 196 pips or 0.3 percent firmer than the previous day’s fixing at 6.7940 per dollar.

(Reporting by Winni Zhou and Andrew Galbraith)