The yuan ended down slightly against the dollar on Thursday after the People's Bank of China set a weaker mid-point following five days of record high fixings, reflecting its intention to let the yuan take a breather. Spot yuan closed at 6.4828 versus the dollar and traded in a narrow range between 6.4824 and 6.4849, weaker than Wednesday's close of 6.4780.
It has hit seven record highs since May 24. Before trade began, the PBOC set the yuan's daily mid-point at 6.4886 against the dollar, from Wednesday's 6.4837. The central bank uses the mid-point to guide the currency. The PBOC has guided the yuan to a slew of record highs this year, with a rise of 0.2 percent in May and 0.9 percent in April. Offshore, one-year non-deliverable forwards (NDFs) were bid at 6.3650, little changed from Wednesday's close of 6.3670.