The yuan closed down slightly versus the dollar on Friday, consolidating its recent gains, as the People's Bank of China fixed the mid-point a shade weaker for the second day after letting it hit a slew of record highs recently. Spot yuan closed at 6.4802 versus the dollar, down from 6.4759 at the close on Thursday. It hit an all-time record high of 6.4755 on Wednesday.
The Chinese currency has now appreciated 5.34 percent since it was depegged from the dollar in June 2010, and 1.69 percent since the start of this year. Before trade began, the PBOC set the yuan's daily mid-point at 6.4853 on the dollar, slightly weaker than Thursday's 6.4830 and Wednesday's record high of 6.4795. The central bank uses the mid-point to guide the currency. Offshore, one-year dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3870 in late trade, little changed from Thursday's close of 6.3880.
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