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The yuan ended one notch lower at 8.2764 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 4,250 points implying a rate of 7.853 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 8.00/9.25 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 $1.65 billion on Wednesday, was not immediately available. The yuan weakened to 8.1004 against 100 Japanese yen from 8.0472 on Wednesday and softened against the euro to 11.0630 from 11.0251.

Copyright Reuters, 2004

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