0225 GMT [Dow Jones] The USD/CNY is lower after the central bank sets
the pair's fixing at 6.3146, down from Friday's 6.3249. "The central
parity's trend has largely followed the dollar's movement, which has
been heavily determined by what's going on in the eurozone" says one
Shanghai-based trader with a foreign bank. The USD/CNY is at 6.3494,
down from 6.3541 late Friday. On Friday, the dollar weakened after a
European Union deal eased concerns over the bloc's sovereign debt and
banking problems. "The market is also expecting manufacturing data
from HSBC this morning, which may move the yuan," the trader adds.
Official data showed that China's manufacturing activity last month
grew at its slowest pace since November. Offshore, one-year USD/CNY
NDFs are up at 6.4090/6.4120 from 6.4110/6.4210 on Friday.
(chao.deng@dowjones.com)
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(END) Dow Jones Newswires
July 01, 2012 22:25 ET (02:25 GMT)
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