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China Dlr-Yuan NDFs Stable, Dollar Rebound Seen Ending

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Tuesday, August 24, 2010 - 03:50
China Dlr-Yuan NDFs Stable, Dollar Rebound Seen Ending

BEIJING (MNI) - Dollar-yuan non-deliverable forward contracts remained stable on Tuesday, even as the dollar index ticked up.

One-year contracts were trading at 6.6799/839 in mid-afternoon, implying a 1.7% rise in the Chinese yuan against the U.S. dollar in one year's time.

The dollar-yuan reference rate was set higher at 6.7999 Tuesday, but the pair dropped back to 6.7990 at 0700 GMT from 6.7815 earlier in the day.

Several U.S. houses were selling dollar-yuan NDFs today, a Hong Kong-based yuan NDF trader said, and may be seeing an end to a dollar rebound which started August 8.

In the onshore forwards market, one-month contracts were trading at 6.7965/77, two-months at 6.7933/64 and one-year at 6.7323/59.

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