The yuan closed two notches firmer versus the US dollar at 8.2770 on Tuesday, but was still near the stronger end of its managed trading range.
The one-year non-deliverable dollar forward discount versus the yuan was at 5,050 points implying a rate of 7.773 yuan per dollar in 12 months' time.
One-year implied yuan volatility was traded at 10.50/12.50 percent on Tuesday.
The yuan moves in a band of 8.2760 to 8.2800 enforced by the central bank.
Turnover, a moderate $500 million on Monday, was not immediately available. The yuan softened to 7.7926 against 100 Japanese yen from 7.7358, and weakened against the euro to 10.5000 from 10.4791.