(Yicai Global) Jan. 5 -- China’s yuan has appreciated for two consecutive days, hitting another 30-month high.

The onshore yuan started at 6.4604 versus the US dollar this morning. Shortly after it reached 6.4303, a gain of 312 basis points on yesterday’s closing price and the redback’s highest level since June 2018.

The offshore yuan began at 6.4553, and soon strengthened to 6.4117, about 400 basis points firmer from yesterday. 

The People’s Bank of China strengthened the currency by 648 basis points against the dollar this morning, fixing the official yuan midpoint at 6.4760, the highest since June 21, 2018 and the biggest increase since Oct. 12. Spot rates may swing 2 percent above or below the benchmark.

Editor: Emmi Laine