Vs Parity Previous
USD/CNY Central Parity 6.2943 6.2932
USD/CNY OTC 0830 GMT 6.2980 +0.06% 6.3060
High 6.3030 +0.14%
Low 6.2976 +0.05%
SHANGHAI (Dow Jones)--China's yuan was higher against the U.S. dollar late Friday, reflecting the dollar's weakness against other major currencies, despite the central bank's efforts to guide the Chinese currency lower via a daily reference rate.
On the over-the-counter market, the dollar was at CNY6.2980 around 0830 GMT, down from Thursday's close of CNY6.3060. It traded in a tight CNY6.2976-CNY6.3030 range.
The dollar's decline against the yuan tracked its fall overseas. At 0940 GMT, the ICE Dollar Index, which tracks the dollar against a trade-weighted basket of currencies, was at 78.810, down from 79.105 late Thursday in New York.
The People's Bank of China set the dollar-yuan central parity rate at 6.2943, unexpectedly raising it from Thursday's 6.2932, despite the weaker dollar.
"The central parity failed to offer too much guidance to the market as it's much lower than the market's trading level," said a Shanghai-based foreign bank trader.
Traders also said trading was thin today as China's financial markets will be closed until Wednesday due to a national holiday.
The yuan has fallen 0.1% against the dollar so far this year, narrowing its losses from early this month.
Offshore, one-year dollar-yuan nondeliverable forwards fell to 6.3315/6.3345 from 6.3370/6.3420 late Thursday, implying a 0.5% fall by the yuan against the dollar over the next year.
In the offshore yuan market in Hong Kong, where the Chinese currency floats freely, the dollar was at CNY6.3115 late Friday, down from CNY6.3160 late Thursday.
-Wynne Wang contributed to this article, Dow Jones Newswires; (86-21) 6120-1200; wynne.wang@dowjones.com
