The yuan finished down against the dollar on Wednesday, but traded firmer than the record high mid-point set by the People's Bank of China on expectations it may continue its ascent after stronger-than-expected inflation. Spot yuan closed at 6.4930 versus the dollar, slightly weaker than Tuesday's close of 6.4919. It has appreciated 5.13 percent since it was depegged from the dollar in June 2010, and 1.47 percent since the start of this year.
It traded between 6.4905 and 6.4942, higher than the mid-point set by the PBOC at an all-time high of 6.4948 against the dollar, inching up from Tuesday's historical high of 6.4950. Offshore, one-year non-deliverable forwards (NDFs) were bid at 6.3370, little changed from 6.3400 at Tuesday's close. Their implied yuan appreciation in a year's time edged up to 2.49 percent from 2.44 percent.
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