China sets yuan midpoint at one year high

China's central bank has raised its official yuan midpoint to 6.6102 per US dollar, the strongest level since August 17 last year.

The more reflects broad weakness in the US currency in global markets and gains in the spot yuan rate from a day earlier.

Wednesday's midpoint was 191 pips or 0.29 per cent firmer than the previous fix of 6.6293 set on Tuesday.

But market players said the fixing came in weaker than their models had suggested.