(Yicai Global) Sept. 15 -- The yuan fluctuated smoothly against the dollar for the entire day.

At 3:50 p.m., the dollar-yuan spot exchange rate rose negligibly 62 basis points to 6.5473 on onshore markets, while the rate was down 66 basis points to 6.5491 offshore.

The yuan-dollar central parity rate nosed up 42 basis points to 6.5423 before the interbank market opened today.

Though the Fed might start to cut the size of the balance sheet this month, if the US fails to make substantial progress in tax reform, the greenback will have scant prospects of a significant rise this year. The yuan exchange rate is expected to fluctuate within 6.50 to 6.60 by the end of this year, pundits projected.