The yuan closed at its weakest level in over a month on Monday after the central bank appeared to buy dollars in the session's final minutes, extending a pattern of intervention when trading volumes are low. Spot yuan plunged in the final half hour of trade to close at 6.2451 versus the dollar, sharply weaker than Friday's close of 6.2301. For virtually the entire day until late afternoon, the yuan had remained at 6.2293, the strongest level permitted by the official trading range set by the central bank, with little trade occurring.
Monday's midpoint was set at 6.2922. The central bank allows the exchange rate to rise or fall by no more than 1 percent from the midpoint it sets each morning.
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