Vs Parity Previous USD/CNY Central Parity 6.2937 6.3009 USD/CNY OTC 0830 GMT 6.2986 +0.08% 6.2952 High 6.3021 +0.13% Low 6.2884 -0.08% SHANGHAI (Dow Jones)--China's yuan fell against the dollar late Friday, retreating from an all-time high, due to oil companies' demand for the U.S. unit and China's weaker-than-expected imports data that raised concerns about the local economy. Dealers expect a limited downside for the yuan though as the central bank is likely to support the local currency ahead of Chinese Vice President Xi Jinping's visit to the U.S. next week. The People's Bank of China set the dollar-yuan central parity rate at 6.2937, down from Thursday's 6.3009. On the over-the-counter market, the dollar was at CNY6.2986 at 0830 GMT, up from 6.2952 late Thursday. "Historical data show that Chinese authorities usually guide the yuan higher before sensitive Sino-U.S. meetings and then keep the exchange rate largely stable during the meetings. So, we expect the yuan to fluctuate in a relatively narrow range next week," said a Shanghai-based trader. Xi, who will in autumn take over from Hu Jintao as Communist Party chief--China's top job-- will meet President Barack Obama and other top U.S. officials during the visit with economic issues high on the agenda. The dollar hit an all-time low of CNY6.2884 in morning trade but recovered its losses in the afternoon as buying demand emerged. "The dollar was pushed up by demand from big companies who needed the greenback for commodity imports," said a Shanghai-based trader at a foreign bank. Oil firms, such as PetroChina, typically need large amounts of dollars for trade settlement around the 10th and 20th of each month, the trader said. Some analysts also attributed the reversal to China's weaker-than-expected imports data. China's imports fell 15.3% in January from a year earlier, down from an 11.8% rise in December. It was also much worse than the median forecast of a 2.5% decrease in a Dow Jones Newswires poll of economists. JPMorgan said that after excluding seasonal factors, China's imports declined 6% on-month in January, following the same month-on-month fall in December. "The decline in imports may reflect weak domestic demand," it said in a note. ANZ said over the long run, the pace of yuan appreciation is subject to China's macro policy. But the bank expects the yuan to rise about 3% against the dollar in 2012 as part of the government's effort to make its international payments more balanced. The yuan is down 0.07% against the dollar so far this year but up 8.4% since June 2010, when China unpegged its currency from the U.S. unit after overcoming the global financial crisis. -Rose Yu contributed to this article, Dow Jones Newswires; 8621 6120-1200; rose.yu@dowjones.com

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