Disliked{quote} Perhaps Vozniy subscribes to Russ Winter's ramblings on how the USD is doomed. Overlooked News Out Of China A Game Changer For U.S. Dollar http://seekingalpha.com/article/1862...for_2_50&ifp=0Ignored
China's yuan ended little changed against the U.S. dollar Tuesday in directionless trade after weeks of consolidation.
On the over-the-counter market, the dollar closed at CNY6.0927, steady from Monday's close of CNY6.0926. It traded in a range of CNY6.0920 to CNY6.0930.
"There hasn't been much movement in the pair over the past few weeks and the pattern may extend into the next month amid thin trading toward year-end," a Shanghai-based trader with a foreign bank said.
While the yuan may still have some upside room by year-end, the rise could be slight following a decent rise this year, the trader said.
The yuan has risen a marginal 0.03% against the dollar so far this month after adding 0.45% in October. For the year, it has gained 2.3%.
"Investors stayed on the sidelines in the absence of catalysts, including a lack on updates on when the U.S. might reduce its bond-buying program," a Beijing-based trader with a local bank said.
The yuan hardly moved despite weaker guidance from the central bank; the People's Bank of China set the dollar/yuan central parity rate at 6.1357, higher than Monday's 6.1342 as dollar gained overseas. The WSJ Dollar Index, which tracks the dollar against a trade-weighted basket of currencies, was at 73.59 late Monday in New York, up from 73.43 late Friday. At 0900 GMT, the index was at 73.47.
Offshore, one-year dollar/yuan nondeliverable forward contracts fell to 6.1495/6.1520 from 6.1530/6.1560 late Monday, implying a 0.9% fall by the yuan over the next year.
In the offshore yuan market in Hong Kong, where the Chinese currency floats freely, the dollar was at CNY6.0790 late Tuesday, slightly lower than CNY6.0797 late Monday
