The yuan ended unchanged at 8.2765 per US dollar, near the stronger end of its managed trading range. The one-year non-deliverable dollar forward discount versus the yuan was at 3,850 points, implying a rate of 7.893 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 6.70/7.85 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 heavy $1.71 billion on Wednesday, was not immediately available. The yuan firmed to 7.9363 against 100 Japanese yen from 7.9715 on Wednesday. It also strengthened against the euro to 10.7696 from 10.8151.

China's central bank injected 16 billion yuan ($1.9 billion) into the banking system on Thursday via repurchase agreements, up a third from Tuesday, to ensure ample funds ahead of the week-long Lunar New Year break.

Two US senators plan to reintroduce a bill giving China six months to raise the value of its currency or face a possible 27.5-percent duty on exports to the United States, congressional aides said on Wednesday.

Copyright Reuters, 2005