China's yuan rebounded against the dollar on Thursday, snapping four days of losses helped by firmer official guidance and as the greenback retreated on easing concerns over Italy's political crisis. The Chinese currency, however, remains on course for its worst month since November 2016.
Prior to market opening, the People's Bank of China (PBOC) set the midpoint higher for the first time in six days at 6.4144 per dollar, 63 pips firmer than the previous fix. In the spot market, the onshore yuan opened at 6.4135 per dollar and was changing hands at 6.4075 by midday, 143 pips firmer than the previous late session close and 0.11 percent stronger than the midpoint.
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