China's yuan ended barely changed against the dollar on Wednesday, offseting a record high fixing, as investors grew cautious that the Chinese central bank could pull the yuan back after President Hu Jintao's US visit. The Chinese president arrived in the United States on Tuesday for a four-day state visit peppered by US complaints about Beijing's currency policies.
The Hu-Obama summit began at 1500 GMT and joint news conference at 1805 GMT. The yuan in the spot market closed at 6.5824 per dollar, almost flat from Tuesday's 6.5829, after China's central bank set the daily mid-point for the yuan at a record high of 6.5885, up from Tuesday's 6.5891. The yuan has risen 3.70 since its mid-June depegging. One-year dollar/yuan NDFs were bid at 6.4560, little changed from Tuesday's close of 6.4450. Their implied yuan appreciation in a year's time fell slightly to 2.05 percent from Tuesday's 2.23 percent.
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