Yuan weakens

The yuan ended slightly weaker against the dollar on Monday with rises were capped by banks' corporate clients bidding for large amounts of dollars. Spot yuan ended at 6.4781 versus the dollar, down marginally from 6.4744 at the close on Friday when it hit an all-time record high of 6.4634 in intraday trading. Before trade began on Monday, the PBOC set the yuan's daily mid-point at a record high of 6.4696 versus the dollar, up from Friday's historical high of 6.4716.
Offshore, one-year dollar/yuan non-deliverable forwards were bid at 6.3940 in late trade compared with the previous close of 6.3760. Their implied yuan appreciation in a year's time fell to 1.18 percent from 1.47 percent.