1 Minute Read by Reuters Staff (Reuters) – SHANGHAI, July 14 – The official yuan midpoint was set at a near three-week low by China’s central bank on Wednesday, but its value against its major trading partners rose to its highest level since early 2016. Prior to the market open, the People’s Bank of China (PBOC) fixed the midpoint at 6.4806 yuan per dollar, down 49 pips from the previous fix of 6.4757. It was at its lowest level since June 24. According to Reuters’ calculations based on government data, China’s trade-weighted yuan basket index has risen to 98.45, the highest level since March 16, 2016. (Winni Zhou and Andrew Galbraith contributed reporting; Himani Sarkar edited the piece.)/n
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