China's yuan posts best month since 2005 revaluation
China`s yuan eased on Thursday but posted its biggest monthly gain at the month-end, in percentage terms, since the Chinese currency was revalued and taken off a fixed dollar peg in 2005.
Spot yuan opened at 6.5974 per dollar and settled at 6.5969 by the 4:30 p.m (0830 GMT) domestic close. It was 3 pips weaker than the previous late session close but 0.06 percent firmer than the midpoint.
China takes the official market closing price at 4:30 p.m Shanghai time (0830 GMT) into consideration when it fixes the official guidance rate, in an effort to let market forces play a bigger role in determining the yuan’s value. The market also has an evening session lasting until 11:30 p.m.
If the spot rate finishes the late night session at the current level, it would have strengthened 2 percent against the greenback, the best month since July 2005.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.