Investing.com - The People's Bank of China set the yuan mid-point at 6.5032 against the dollar on Friday, compared to the previous close of 6.4850, marking the 10th straight stronger fixing and the highest level since May 12, 2016.

The China Foreign Exchange Trade System sets the weighted average of prices given by market makers. The highest and lowest offers are excluded from the calculation. The central bank allows the dollar/yuan rate to move no more than 2% above or below the central parity rate.

Market watchers see a yuan level of 7 against the dollar, USD/CNY, as a key touchstone for sentiment in the near term.

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