August 31, 2017 / 9:24 AM / a month ago

China's yuan posts best month since 2005 revaluation

FILE PHOTO: U.S. Dollar and China Yuan notes are seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo

SHANGHAI (Reuters) - 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.

Reporting by Winni Zhou and John Ruwitch

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