Vs Parity Previous
USD/CNY Central Parity 6.3016 6.3005
USD/CNY OTC 0830 GMT 6.3545 +0.84% 6.3570
High 6.3581 +0.90%
Low 6.3542 +0.83%
SHANGHAI--China's yuan rose against the U.S. dollar late Tuesday after
the dollar/yuan central parity was artificially kept at a low level
during the ongoing meeting between the Group of 20 industrial and
developing nations.
On the over-the-counter market, the dollar was at CNY6.3545 around
0830 GMT, lower than Monday's close of CNY6.3570. It traded in a range
of CNY6.3542 to CNY6.3581.
The People's Bank of China set the dollar/yuan central parity rate at
6.3016, higher that Monday's 6.3005. But the small increase wasn't in
tandem with the sharp drop in the euro overnight. The euro fell
sharply to $1.2577 late Monday in New York, from $1.2640 late Friday.
At 0900 GMT, the index was at $1.2582.
"The central bank apparently wanted to keep the yuan steady while the
G20 meeting is going on," said a Shanghai-based trader with a local
bank.
The central bank also said Tuesday that the PBOC and domestic
financial institutions bought a net 23.4 billion yuan ($3.7 billion)
of foreign currency in May, reversing from net sales of CNY60.57
billion in April, easing concerns that money are fleeing from China on
growth concerns.
The yuan has fallen 1.0% since the start of 2012.
Offshore, one-year dollar/yuan nondeliverable forward contracts fell
to 6.4060/6.4090 from 6.4070/6.4120 late Monday, implying a 0.8% 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 CNY6.3635 late Tuesday, unchanged
from late Monday.
Write to Wynne Wang at wynne.wang@dowjones.com
(END) Dow Jones Newswires
June 19, 2012 05:37 ET (09:37 GMT)
No comments:
Post a Comment