China's yuan ended slightly weaker against the dollar on Monday after the People's Bank of China set a weaker mid-point amid a strengthening dollar due to mounting concerns over the eurozone debt crisis and a darkening US economic outlook. The US dollar index rose 0.3 percent, hitting a nearly four-month high after rising 0.4 percent on Friday as worries about the euro zone debt problems and weak US payrolls data hit appetite for riskier assets.
Spot yuan closed at 6.3858 versus the dollar, slightly weaker than Friday's close of 6.3826. It has now risen 3.19 percent so far this year and 6.90 percent since the 2010 depegging. Offshore, one-year dollar/yuan non-deliverable forwards (NDFs) was at 6.2880 late on Monday, edging up from 6.2810 at the previous close. Their implied yuan appreciation in a year's time dropped slightly to 1.66 percent from 1.78 percent.
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