The yuan ended flat at 8.2765 per US dollar on Thursday, near the stronger end of its managed trading range. The one-year non-deliverable dollar forward discount versus the yuan was at 2,920 points, implying a rate of 7.986 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 traded at 5.50/6.50 percent.

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

Turnover, a mere $320 million on Wednesday, was not immediately available. The yuan ended firmer at 7.8553 against 100 Japanese yen from 7.8676 on the previous day, but softer against the euro at 10.7908 from 10.7702.

Copyright Reuters, 2005