Chinese Yuan at Three Month High Against Dollar

The Chinese yuan strengthened against the dollar early on Friday after the People’s Bank of China set a higher currency midpoint, the Business Standard reports.

China’s central bank raised the yuan midpoint rate by 0.51 percent, setting it at 6.4628 per dollar, the highest level since December 2015, the newspaper said citing the China Foreign Exchange Trade System figures.

Earlier this month, Chinese Premier Li Keqiang said that Beijing was going to improve the mechanism for setting the exchange rate of the yuan.

The yuan's January devaluation by the People’s Bank of China was the largest since August 2015, when the currency lost over 3 percent against the dollar, triggering a stock market slump around the world.

In late January, Li Keqiang said that China was not planning to continue devaluing the yuan after having achieved basic stability of the currency.