Yuan recovers against dollar in offshore forwards

SHANGHAI - The yuan rebounded strongly against the dollar in the offshore forwards markets on Monday after the European Union and the IMF agreed on a $1 trillion emergency rescue plan to protect indebted eurozone countries.

The deal sparked a 1 percent drop in the dollar index against a basket of currencies while the euro rallied.

In addition, China announced a $1.7 billion trade surplus for April, defying expectations for its second consecutive monthly deficit.