Yuan falls vs dlr despite firmer mid-point, weak dlr

* U.S. dollar sheds more than 1 percent overnight

* Central bank guides mid-point to more than 3-month high

* Dollar/yuan NDFs fall to a three-month low

SHANGHAI, Sept 9 - The yuan edged lower against the dollar on Wednesday despite the Chinese central bank setting the mid-point at a more than three-month high and the dollar's fall against a basket of major currencies, as investors sold the low-yielding U.S. currency in a renewed shift to risker assets.

The dollar index shed more than 1 percent overnight to hit a one-year low of 77.047.

Spot yuan fell to 6.8282 at midday, slightly lower than Tuesday's close of 6.8275.

Before trade began, the Chinese central bank fixed the yuan's daily mid-point at 6.8292 versus the dollar, the reference rate's highest level since May 26 and up from Tuesday's 6.8300. It was the first time in more than three months that the mid-point has risen above 6.8300.

"The dollar's decline overnight makes the central bank set the mid-point higher than 6.8300," said a dealer at a European bank in Shanghai. "If the dollar continues to fall, the mid-point may move out of the range of 6.8300, but the yuan may not appreciate too much as China should keep the yuan stable to ensure that the economic recovery is on the right track."

Offshore, benchmark one-year dollar/yuan non-deliverable forwards (NDFs) fell to an intraday low of 6.7150 bid on Wednesday, their lowest since June 12 and down slightly form Tuesday's close of 6.7290.

Twelve-month yuan appreciation implied by NDFs, which moves inversely with the forwards, rose slightly to 1.7 percent measured from the Chinese central bank's daily mid-point, compared with 1.49 percent implied at Tuesday's close.