Offshore yuan posts biggest percentage gain against US dollar in a year on Wednesday

An employee counting 100 yuan banknotes at a bank in Lianyungang in eastern China's Jiangsu province.
An employee counting 100 yuan banknotes at a bank in Lianyungang in eastern China's Jiangsu province. PHOTO: AFP

TOKYO (REUTERS) - The Chinese yuan posted its biggest percentage gains in about a year in offshore trading on Wednesday (Jan 4), after Chinese authorities stepped into both its onshore and offshore yuan markets to shore up the faltering yuan for a second day.

The yuan rose 1.3 per cent by New York close on Wednesday to 6.8689 to the dollar, its biggest since Jan 11 last year, when it rose 1.5 per cent.