The yuan was little changed versus the dollar on Monday, guided by a stable mid-point set by the People's Bank of China, with traders taking a wait-and-see attitude until a clear sign emerges on further appreciation. Spot yuan closed at 6.4671 on Monday, weaker than Friday's close of 6.4650. It has now appreciated 5.56 percent since it was depegged from the dollar in June 2010 and 1.90 percent so far this year.
Before trade began the PBOC fixed the yuan's mid-point at 6.4709 against the dollar, little changed from 6.4705 previously. Offshore, benchmark one-year dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3890 in late trade, up slightly from 6.3800 at Friday's close. Their implied yuan appreciation in a year's time fell slightly to 1.28 percent from 1.42 percent.