The yuan ended up against the dollar on Tuesday, just off an all-time high after the People's Bank Of China set a record high mid-point, but huge dollar demand around the end of the half year, capped a sharper rise. Spot yuan closed at 6.4655 versus the dollar, up from 6.4781 at the close on Monday when it hit an all-time record high of 6.4634 in intraday trading.
Before trade began on Tuesday, the PBOC set the yuan's daily mid-point at a record high of 6.4690 versus the dollar, up slightly from Monday's historical high of 6.4696. Offshore, one-year dollar/yuan non-deliverable forwards were bid at 6.3850 in late trade compared with the previous close of 6.3870. Their implied yuan appreciation in a year's time rose to 1.32 percent from 1.28 percent.