China's yuan ended at a record high versus the dollar on Monday after it traded above the central bank's mid-point and traders said the currency appeared poised for slow but steady appreciation this year. On Monday, the PBOC fixed the yuan's mid-point versus the dollar at 6.5883, firmer than Friday's 6.5886 and matching the fixing's record high last Thursday.
Spot yuan closed at 6.5813, up from 6.5833 at Friday's close after trading above the PBOC fixing all the day, touching an intraday low of 6.5871 - a clear indication of the market's confidence in near-term yuan appreciation.
It rose as high as 6.5808 on Monday, its highest intraday level since China let the yuan publicly trade in 1994. The currency has now risen 3.73 percent against the dollar since its mid-June depegging. It can rise or fall 0.5 percent from the PBOC's fixing in a given day.
Benchmark one-year dollar/yuan non-deliverable forwards were bid at 6.4600 late on Monday.
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