The yuan ended unchanged at 8.2765 per US dollar on Wednesday, near the stronger end of its managed trading range. The one-year non-deliverable dollar forward discount versus the yuan was at 3,900 points, implying a rate of 7.888 yuan per dollar in 12 months' time. NDFs are a transaction where a forward price is agreed between a customer and a bank, but settlement on the value date is undertaken entirely in US dollars.

One-year implied yuan volatility was at 6.75/7.90 percent.

Implied volatility is a measure of how much the options market expects the price of the underlying asset to move during the life of the option.

The yuan moves in a band of 8.2760 to 8.2800 enforced by the central bank.

Turnover, a moderate $1.4 billion on Tuesday, was not immediately available. The yuan softened to 7.9715 against 100 Japanese yen from 7.9511 on Tuesday. It also weakened against the euro to 10.8151 from 10.7967.

China's central bank pumped 12 billion yuan ($1.5 billion) into the banking system on Tuesday via repurchase agreements, to provide ample funds ahead of the week-long Lunar New Year break.

Copyright Reuters, 2005