Updated: Chinese yuan hit 16-month high amid economic recovery, rallied nearly 4,000 pips since late May

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The Chinese yuan hit the strongest level in 16 months against the US dollar, as the world’s second-largest economy continued to recover from the coronavirus pandemic.

The People’s Bank of China (PBOC) raised the yuan’s fixing by 397 pips to 6.7825 per US dollar on Wednesday, the strongest level since May 2019 and the biggest raise since April this year.

The yuan strengthened sharply in both offshore and onshore trading. The onshore yuan close the night trading at 6.7560 per dollar, while the offshore yuan strengthened to around 6 . . .

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