China Yuan Extends Gain; Recouping Late April Losses

        0335 GMT [Dow Jones] China's yuan extends gains Tuesday morning as exporters conduct customary dollar sales at the beginning of each month. The yuan's rebound is also seen as a correction of recent sharp losses triggered by month-end dollar purchases by oil firms. The pair is at 6.2350 vs 6.2455 Monday close, recouping the yuan's losses since April 22. "We typically see more volatility in the yuan at the start and end of each month, but there is no major shift in views on the yuan's fundamentals," says a Shanghai-based foreign bank trader. He adds he expects the yuan to stay between 6.2000-6.3000 large range in May. The central parity stays largely unchanged at 6.1565, vs 6.1560 Monday. Offshore, one-year USD/CNY NDFs are down at 6.2110/6.2145 from 6.2306/6.2343 late Monday. (wynne.wang@dowjones.com)
        (END) Dow Jones Newswires

        May 05, 2014 23:35 ET (03:35 GMT)