One-year dollar/yuan NDFs were quoted at 6.6298, compared with 6.6290 at Thursday's close, implying 12-month yuan appreciation of 2.98 percent measured from the Chinese central bank's daily mid-point, compared with Thursday's 2.99 percent.
"Some speculators may have made losses after selling dollars short in the NDFs in October on the back of China's improving economy," said a dealer at a European bank in Shanghai. "They are now shy of pushing the NDFs lower in case they will make further losses as China shows no signs of letting the yuan appreciate for now."