The Chinese yuan set yet another record against the dollar on Monday, overturning Friday's all-time high, as the greenback continued to back off from a peak struck in mid-March. The central bank set the official midpoint at 6.2454 per dollar on Monday morning, its highest level since the domestic forex market opened in 1994. This gave the spot yuan range to close at a new high of 6.1871.
Trading volume was average at slightly more than $12 billion, but the exchange rate moved within a tight range between 6.1889 and 6.1860 per dollar. Some traders saw the yuan's unusually aggressive performance in recent days as a diplomatic gesture to coincide with the recent visit of US Secretary of State John Kerry to China.