SHANGHAI--China's yuan fell against the U.S. dollar late Tuesday, tracking the euro's weakness ahead of a teleconference later Tuesday for the finance ministers and the central bankers from the Group of Seven industrialized economies.
On the over-the-counter market, the dollar was at CNY6.3675 around 0830 GMT, higher than Monday's close of CNY6.3645. It traded in a range of CNY6.3584 to CNY6.3680.
The dollar was trading below Monday's close in the morning after the People's Bank of China set the dollar/yuan central parity rate at 6.3225, lower than Monday's 6.3276.
The onshore dollar turned higher after the euro fell in the afternoon. The euro was at $1.2424 at around 0850 GMT, down from $1.2502 late Monday in New York.
"I don't have much hope in the teleconference as you don't expect such conferences to really solve problems in the Europe," said a Shanghai-based trader with a foreign bank.
The focus of the teleconference would be "about the situation in Europe," Canadian Finance Minister Jim Flaherty said Monday.
The yuan has fallen 1.2% since the start of 2012.
Offshore, one-year dollar/yuan nondeliverable forward contracts rose to 6.4330/6.4360 from 6.4325/6.4375 late Monday, implying a 1.0% rise/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 CNY6.3660, lower than CNY6.3695 late Monday.
