People's Bank of China fixes yuan midpoint rate stronger at 6.4612 per dollar

The People's Bank of China (PBOC) on Thursday set its official midpoint rate at 6.4612 per US dollar prior to the market opening, its strongest fixing in 2016 after the greenback tumbled after the US Federal Reserve's dovish comments on the US economy and prospects of interest rate hikes.

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.  

The US Federal Reserve Chair Janet Yellen urged caution on further rate hikes in the world's largest economy amid calls from some policymakers for faster action which led the world stocks to climb higher on Wednesday.

Earlier this month, the bank had set its official midpoint rate of yuan slightly stronger at 6.5385 per US dollar prior to the opening of the market on March 1, a day after it had resumed its easing cycle in the face of mounting pressure on the economy. 

The Chinese stock investors on March 1 gave a lukewarm welcome to the central bank's monetary policy easing move, as disappointing manufacturing and service sector surveys continued to curb risk appetite.