Yuan ends up

The yuan ended up against the dollar on Friday, with the central bank setting a record high mid-point after the dollar index slumped following a European debt deal which sparked a massive relief rally in risk assets. "The key reason is a really weak dollar," said a dealer at a local commercial bank in Shanghai, referring to the record high mid-point. "In the short term, the yuan is still under pressure from the United Status."
The spread is around 300 pips, or 0.5 percent, between offshore yuan, at 6.3850 and spot yuan, at 6.3586. The yuan closed at 6.3595 on Thursday. The yuan has risen 3.63 percent so far this year and 7.35 percent since it was depegged from the dollar in June 2010.
Before trading began, the central bank set the mid-point at a record high of 6.3290, up from 6.3477 on Thursday. One-month USD/CNY NDF hit a record low of 6.3380 and one-year NDF broke through a 55-day moving average after the PBOC fixed the yuan's mid-point at a record high.
The spread between the NDFs widened slightly to 0.011 from the previous session's 0.003, indicating possible appreciation in spot yuan. One-month NDF was down 0.1 percent at 6.3410. One-year NDF dipped around 0.1 percent to 6.3480 after falling to 6.3880, below the 55-day moving average of 6.3418. One-year dollar/yuan NDFs implied yuan depreciation of 0.30 percent in 12 months.