RPT-WRAPUP 1-China offshore yuan jumps on suspected intervention as IMF's currency decision looms
(Repeats to more Hong Kong clients)
* Stock markets -1.7 pct in morning after Friday crash
* Yuan continues slide, offshore yuan spread widens
* Some traders suspect c.bank intervention offshore
By Michelle Chen and Samuel Shen
HONG KONG/SHANGHAI Nov 30 (Reuters) - China's yuan jumped in offshore trade on Monday on suspected intervention by Beijing just hours before an IMF decision that is expected to grant the currency reserve status, while Chinese stocks extended a selloff in a nerve-wracking morning session.
The offshore yuan opened at 6.4515 per dollar, its lowest level in 3 months and priced at a deep discount to the onshore rate - a situation the central bank has resisted in the recent past after an unexpected devaluation in August had prompted market speculation of more yuan weakness.
The People's Bank of China set the midpoint rate at 6.3962 per dollar prior to market open, and the onshore spot yuan stayed pegged to the midpoint at 6.3961.
Several minutes after opening trade, however, the offshore rate firmed sharply to around 6.42 per dollar, leading some traders to suspect state-owned Chinese banks were buying up yuan on orders from the central bank. Continuación...