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Monday, June 6, 2016, 09:59

Yuan gains most vs US$ since April 29

By Reuters

SHANGHAI - The People's Bank of China (PBOC) on Monday set its official midpoint rate at 6.5497 per dollar prior to the market opening, strengthening 0.45 percent from the previous day's fix of 6.5793.

It was the biggest day-to-day gain in the central bank's official guidance rate since the midpoint's 0.56 percent strengthening on April 29.

The move, while reflecting the dollar's steep weakening in global markets, was in line with the Chinese central bank's recent reforms to allow the Chinese currency to increase its two-way volatility to gradually build up a more market-oriented exchange rate regime, traders said.

The dollar index languished at its lowest in over three weeks in Asian morning trade on Monday after plunging 1.6 percent on Friday on a disappointing US employment report that prompted investors to reduce expectations of a US interest rates hike this month.

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