China's yuan ended the domestic session at a nearly 2-1/2-year high against the dollar on Wednesday, and is poised for the biggest monthly gain in nearly a quarter of a century. The spot market opened at 6.3287 per dollar, surged to a high of 6.2850 at one point in afternoon trade, spurred by broad dollar weakness. By the 0830 GMT domestic closing bell, the onshore spot yuan settled at 6.2920, the strongest since August 10, 2015.
China shocked global markets on August 11, 2015 when it carried out a sharp 2 percent one-off currency devaluation, which was widely viewed by traders and economists as a failure. It has strengthened 3.4 percent so far against the dollar in 2018. If the yuan ends the late night session at its domestic close, it would mark the best month since 1994, when market rates were unified, according to Thomson Reuters data.
The offshore yuan also strengthened through the day and was trading at 6.2986 per dollar as of 0830 GMT.
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