August 11, 2015 / 3:59 AM / 4 years ago

Spread between onshore and offshore yuan widens to biggest since Sept 2014

HONG KONG, Aug 11 (Reuters) - The spread between onshore yuan and its offshore counterpart on Tuesday increased to its widest in more than 10 months after the People’s Bank of China (PBOC) sharply weakened the yuan’s midpoint.

The gap between the two rates surged to more than 370 pips in morning trade, the highest since September 2014.

The PBOC said in a statement it was now basing the yuan’s midpoint on market makers’ quotes and the previous day’s closing price. The yuan midpoint weakened to 6.2298 per dollar, compared with the 6.1162 mid-point on Monday, the biggest move in the fixing on record. (Reporting by Michelle Chen; Editing by Richard Borsuk)

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