HONG KONG: China's offshore yuan rebounded by nearly 500 pips from the day's lows in afternoon trade on Monday, as a shortage of cash worsened in the offshore market after suspected intervention from the central bank.

Hong Kong Interbank Offered Rates for offshore yuan (CNH HIBOR) all hit record highs on Monday, with the overnight rate spiking to over 13 percent.

Copyright Reuters, 2016