The People`s Bank of China (PBOC) on Thursday set its official midpoint rate at 6.4612 per dollar prior to the market opening, its strongest fixing in 2016, after the greenback tumbled after the U.S. Federal Reserve`s dovish comments on the U.S. economy and prospects of interest rate hikes, according to Reuters.
The Chinese central bank`s official guidance rate for the Chinese currency was set at its strongest level since mid-December, strengthening 0.35% from Wednesday`s fixing of 6.4841, its biggest daily strengthening since March 18, Reuters reports.
As UaPosition reported earlier, China`s massive pension fund may begin investing in the nation`s A-share markets this year, an anticipated move that will channel approximately 600 billion yuan ($92.28 billion) into the equity market and likely improve its liquidity.
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