Chinese Yuan Rebounds as Month-End Dollar Buying Halts

        0651 GMT [Dow Jones] The Chinese yuan rises versus the U.S. dollar Thursday, ending a sharp two-day losing streak triggered by month-end demand for the greenback from local importers. Month-end demand for U.S. dollars has evaporated as the spot-date, or contractual delivery date for a spot contract, today moved into the month of June; the last day for a month-end delivery of U.S. dollars was Wednesday. The drop in spot USD/CNY to 6.2474 from an intraday high of 6.2623 had earlier been attributed by one offshore trader to suspected intervention by the People's Bank of China, which seems a less likely explanation. USD/CNY is now 6.2504 from its Wednesday close of 6.2556. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        May 29, 2014 02:51 ET (06:51 GMT)