China fixes its daily yuan midpoint at 7.0312 — stronger than expected

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US dollar and China Yuan arranged for a photograph on September 7, 2017.

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China’s central bank set the official midpoint reference for the yuan at 7.0312 per dollar on Wednesday — stronger than Tuesday’s fixing, and stronger than what analysts had predicted. 

It was, still, the fifth consecutive session where the People’s Bank of China (PBOC) fixed the midpoint at a level weaker than the psychologically important 7-yuan-per-dollar mark.

Analysts were predicting the midpoint to be set at 7.0502 per dollar, according to Reuters estimates. The onshore yuan last traded at 7.0395 in Tuesday’s session.

On Wednesday morning around 9.03 a.m. HK/SIN, the offshore yuan traded at 7.0277 against the

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