Vs Parity Pvs USD/CNY Central Parity 6.3808 6.3772 USD/CNY OTC 0830 GMT 6.3877 +0.11% 6.3823 High 6.4025 +0.34% Low 6.3829 +0.03% SHANGHAI (Dow Jones)--China's yuan fell against the dollar late Thursday on the back of the U.S. unit's broad rally against regional currencies, with offshore dollar-yuan nondeliverable forwards implying depreciation for the Chinese currency within the next 12 months. On the over-the-counter market, the dollar was at CNY6.3877 at 0830 GMT, up from CNY6.3823 late Wednesday. It traded between CNY6.3829 and CNY6.4025. Offshore, one-year dollar-yuan nondeliverable forwards, or NDFs, surged to 6.3990/6.4040 from 6.3370/6.3455 late Wednesday, implying a 0.2% decline by the yuan against the U.S. currency over the next year. "The market is driven by broad dollar strength as there is still no conclusive plan for dealing with the euro-zone debt problem," said a Hong Kong-based NDF trader at an Asian bank. Ahead of trading, the People's Bank of China set the dollar/yuan central parity rate at 6.3808, up from Wednesday's record low of 6.3772. "The fixing is roughly in line with expectations as the dollar strengthened broadly offshore," after the Federal Reserve Wednesday announced its widely expected "Operation Twist" to extend the duration of Treasurys in its portfolio after issuing a dismal economic outlook, said the Shanghai-based trader. Regional currencies took a beating against the dollar, as investors fled risk assets amid the gloomy global economic outlook. Several central banks in Asia, including Thailand, South Korea, Indonesia, the Philippines and Taiwan, were suspected of intervening to support their currencies. "The jump in the dollar/yuan pair is mainly due to the greenback's gain in Asia as dollar safe-haven buying emerges due to growing risk aversion amid global economic growth fears," said a Shanghai-based trader at a local bank. At 0850 GMT, the euro was at $1.3522, down from $1.3570 Wednesday in New York, as investors shifted their attention back to the European sovereign debt crisis after the much-anticipated U.S. Federal Open Market Committee decision failed to give markets a boost. The Singapore dollar and Korean won skidded to multi-month lows against the greenback, while the Australian dollar fell below parity for the first time since Aug. 8. The yuan has risen nearly 7% against the dollar since June 2010, when China ended its currency's peg to the greenback. -By Amy Li, Dow Jones Newswires; 8621 6120-1200; amy.li@dowjones.com

Source