HONG KONG: China's yuan held at five-month highs on Monday after the central bank signaled it was comfortable with the currency's recent gains by setting the daily midpoint stronger against the dollar.
The yuan's recent rally has wiped out more than half of the 3.3 percent of losses for the currency earlier this year when the monetary authorities engineered an unexpected depreciation to deter speculative bets on the currency's one-sided rise.
The People's Bank of China set the midpoint rate at 6.1528 per dollar prior to market open on Monday, slightly stronger than 6.1538 per dollar on Friday.
The spot rate is currently allowed to trade 2 percent above or below the midpoint.
The spot market opened at 6.1460 per dollar, up slightly from 6.1470 per dollar at the previous close, and was changing hands at 6.1466 in late morning trades.
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