The Chinese yuan continued on an upward movement trajectory against the U.S. dollar on Thursday, after the central bank set the midpoint for yuan trading at the to the highest level in more than ten months.
The People's Bank of China set the midpoint -, an official daily guidea daily official guidance for the yuan's trading -, at 6.6770 per dollar on Thursday, 305 points higher than the previous day and the highest level since September 29, 2016.
Following the higher midpoint, the exchange rates for both onshore and offshore yuan trading saw significant increases in early trading.
At market opening, the onshore yuan rose to 6.6600 per dollar, the highest level in a year, while the offshore yuan also surpassed the psychologically important level of 6.6800 per dollar, after gaininged 103 points duringon Thursday's trading, a big jump up from than the previous day, according to wallstreetcn.com.
The yuan hasve been rising against the dollar this year, which analysts attribute to a declining dollar and better-than-expected domestic economic growth. The yuan has gained 4 percent against the dollar so far this year, according to a report on eastmoney.com on Thursday.
