Vs Parity Previous USD/CNY Central Parity 6.3411 6.3426 USD/CNY OTC 0830 GMT 6.3093 -0.50% 6.3053 High 6.3102 -0.49% Low 6.2995 -0.66% SHANGHAI--China's yuan slipped against the U.S. dollar late Monday as importers bought large amounts of dollars, encouraged by favorable exchange rates after some corporates cut their long-dollar positions. On the over-the-counter market, the dollar was at CNY6.3093 around 0830 GMT, higher than Friday's close of CNY6.3053. It traded in a range of CNY6.2995 to CNY6.3102. "Corporates who have long-dollar positions are exiting and they would want to do that before the long holiday to avoid further losses," said a Shanghai-based trader with a local bank. The trader said the trend intensified after the yuan's losses against the dollar narrowed at a quick pace in recent sessions. China's financial markets will be closed next week for the National Day holiday. Traders said they expect more volatility this week, as importers usually need to buy dollars at the end of every month and quarter to settle their accounts. "The recent fall in the onshore dollar offered the importers good chances to hunt for bargains," said a Shanghai-based trader with foreign bank. The yuan has narrowed its year-to-date losses against the dollar to 0.24% from as much as 1.6% in late July. The People's Bank of China set the dollar/yuan central parity rate at 6.3411, generally unchanged from Friday's 6.3428 as the major currencies remained stable in the overseas market. Offshore, one-year dollar/yuan nondeliverable forward contracts rose to 6.4130/6.4160 from 6.4100/6.4140 late Friday, implying a 1.6% 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 CNY6.3120, lower than CNY6.4100/6.4140 late Friday. Write to Wynne Wang contributed at wynne.wang@dowjones.com

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