Vs Parity Previous USD/CNY Central Parity 6.2961 6.2985 USD/CNY OTC 0830 GMT 6.2990 0.05% 6.3019 High 6.3017 0.09% Low 6.2970 0.01% SHANGHAI (Dow Jones)--China's yuan rose against the U.S. dollar late Tuesday as guidance from the country's central bank through its daily reference rate overcame dollar buying demand from corporates. On the over-the-counter market, the dollar was at CNY6.2990 around 0830 GMT, down from CNY6.3019 around the same time Monday. It traded in a range of CNY6.2970 to CNY6.3017. The People's Bank of China set the dollar-yuan central parity rate at 6.2961, down from Monday's 6.2985, following the dollar's weakness against the yen overnight. The yen bounced back after the dollar climbed to Y81.66 early Monday, its highest point against the yen since May. The dollar sank to Y80.60 late Monday in New York. But bargain hunting set in after the onshore dollar weakened against the yuan on the central parity. "The central parity has been very stable recently, so companies with dollar demand buy the U.S. currency when the fixing is lower," said a Shanghai-based foreign bank trader. The central parity has been set at around 6.3000 since early February. The yuan has risen 8.4% against the U.S. unit since June 2010, when China effectively ended its currency's two-year-long peg to the dollar and vowed to make the yuan more flexible. Offshore, one-year dollar-yuan nondeliverable forwards fell to 6.2820/6.2880 from 6.2885/6.2915 late Monday, and implying a 0.2% rise 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 CNY6.2990, down from CNY6.3015 late Monday. -Wynne Wang contributed to this article, Dow Jones Newswires; (86-21) 6120-1200; wynne.wang@dowjones.com

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