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China's yuan ended lower against the dollar, giving up early gains after a stock market slide offset officials' bullish comments about economic growth as the country's parliament kicked off its annual session Monday.

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China's money market yield curve steepened and bond yields were mostly flat to higher, as officials' comments before the parliament session fueled expectations that inflation may rise toward 3 percent this year, traders said.

The yuan closed at 7.7500 to the dollar, down from 7.7465 at Friday's close, under pressure from a nearly 4-percent fall in China's benchmark stock index in the afternoon session. The stock index closed down 1.6 percent.

The currency hit an intraday high of 7.7389 to the dollar in early trade, within striking distance of last Wednesday's peak at 7.7378, its highest intraday trading level since Beijing revalued the yuan and depegged it from the dollar in July 2005.

The yuan was buoyed by comments by central bank governor Zhou Xiaochuan who said on the sidelines of the parliament session that China would consider widening the yuan's daily trading range when necessary, although he did not give a timetable.

Dealers said a surge in the Japanese currency also added to uncertainty in the foreign exchange markets, leaving some investors wary about buying the yuan.

The yen has risen as market players frantically unwind carry trades, which had played a role in the yen's broad slide that took it to a 21-year low on a trade-weighted and inflation-adjusted basis in January.

"Investors are worried that the yuan may, like the yen, also be affected by global carry trade," said a dealer at a major Chinese commercial bank.

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