(Yicai Global) Jan. 28 -- The yuan has closed at its highest point against the dollar in more than six months today as the redback gradually regains the confidence of global investors despite the release of less-than-ideal economic data earlier.

The onshore spot rate breached the 6.73 level during the day, and went as low as 6.7225, representing its strongest point since last July. The offshore rate went as low as 6.7311 during the day.

The onshore spot rate closed at 6.7389, the strongest Yuan against US Dollar close since July 18 of last year, also a 251 basis points lower than the official close on Jan. 25. The offshore spot rate was 6.7456, 79 points down on the close of the last trading day in New York.

The People's Bank of China fixed the central parity rate at 6.7472 this morning, the strongest central parity rate for the currency since July. 19.

The yuan began its upward trajectory against the dollar in early November when the rate almost touched the significant 7.0 threshold. Various factors have contributed to the recovery included expectations that China and the US will eventually work out their differences on trade, and that more global capital will flow into yuan-denominated assets this year.

The improvement comes despite the release of underwhelming economic data in the country today. Profits at China's large industrial enterprises rose 10.3 percentage annually to CNY6.63 trillion (USD984 billion) in 2018, down from growth of 21 percent the year before, according to data from the National Bureau of Statistics.