The currency traded at a range between 6.4876 to 6.6507 during February.

So far this year the yuan has appreciated 0.28 per cent against the US dollar, reversing a bout of weakness that saw the yuan drop about 2 per cent in the first week of this year. The change came after the People’s Bank of China intervention and a weaker US dollar in February against other currencies after the economic data signalled little chance for the US to further increase interest rates anytime soon.

The onshore yuan was at 6.5471 per US dollar at 11.15am on Monday, down 0.14 per cent from Friday. For the month, onshore yuan rose 0.43 per cent against the US dollar, after a depreciation of 1.28 per cent in January. The onshore yuan has now depreciated 0.85 per cent against the US dollar this year.

The spread between the onshore and offshore yuan has narrowed to 29 basis points, down from a record 1,400 basis points on January 7.

The Hong Kong dollar traded at 7.7759 per US dollar at 11.15am on Monday, down 0.02 per cent. On a monthly basis, however, the Hong Kong dollar was up 0.05 per cent in February against a drop of 0.39 per cent in January.

The PBOC set the daily fixing of the yuan against the euro stronger by 556 basis points to 7.1533 and for every 100 yen stronger by 120 basis points at 5.7630. The mid-price against the British pound was set 488 basis points stronger at 9.0777.

Traders are allowed to bid the currency up to 2 per cent either side of the mid-price each day.

The offshore yuan traded in Hong Kong softened to 6.5500 per US dollar at 11.15am on Monday, w eaker by 0.09 per cent from Friday.

This came after the PBOC set the daily fixing against the US dollar at 6.5452, the lowest level in February, and weaker by 114 basis points from its fixing Friday.

On a monthly basis, however, the offshore yuan was up 0.7 per cent against the US dollar. The strength follows a 0.4 per cent drop in the value of the currency in January.

The currency traded at a range between 6.4876 to 6.6507 during February.

So far this year the yuan has appreciated 0.28 per cent against the US dollar, reversing a bout of weakness that saw the yuan drop about 2 per cent in the first week of this year. The change came after the People’s Bank of China intervention and the weaker US dollar in February against other currencies after the economic data shows little chance for the US to increase the interest rate anytime soon.

Onshore yuan traded mainly by mainlanders was trading at 6.5471 per US dollar at 11.15am on Monday, down 0.14 per cent from Friday. Onshore yuan rose 0.43 per cent against the US dollar in February, after a depreciation of 1.28 per cent in January. The currency now depreciated 0.85 per cent against the US dollar this year.

The spread between the onshore and offshore yuan has narrowed to 29 basis points, down from a record 1,400 basis points on January 7.

Hong Kong dollar trade at 7.7759 per US dollar at 11.15am on Monday, down 0.02 per cent. On a monthly basis, however, it rose 0.05 per cent in February against a drop of 0.39 per cent in January.

The local currency has weakened this year after the US increased interest rates in December. It fell 0.55 per cent last month and hit 7.8294 on January 20, an eight-and-a-half-year low. It was only after some buy orders which traders believed to be Hong Kong Monetary Authority intervention that the currency moved back to the strong end of the peg at 7.80 and it now depreciated 0.33 per cent against the US dollar.

PBOC set the mid-price of the yuan against the euro stronger by 556 basis points to 7.1533 and for every 100 yen stronger by 120 basis points at 5.7630. The mid-price against the pound was set 488 basis points stronger at 9.0777.

Traders are allowed to trade up to 2 per cent either side of the mid-price for the day.