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DJ China Yuan Rises to New Record on PBOC Guidance
December 23, 2013

Vs Parity Previous USD/CNY Central Parity 6.1161 6.1196 USD/CNY OTC 0830 GMT 6.0702 -0.75% 6.0713 High 6.0716 -0.73% Low 6.0702 -0.75% SHANGHAI--China's yuan rose slightly after the central bank guided the currency a bit stronger via a daily reference rate. Although the yuan hit a fresh record high Monday, expectations that it will appreciate significantly are waning, said traders. On the over-the-counter market, the dollar was at CNY6.0702 around 0830 GMT, down from Friday's close of CNY6.0713 and the recent low of CNY6.0703 on Dec. 10. It traded in a range of CNY6.0702 to CNY6.0716. It came after the People's Bank of China set the dollar/yuan central parity rate at 6.1161, lower than Friday's 6.1196 following dollar weakness overseas. But traders said the yuan probably has limited room to rise in the remaining few sessions this year, even if it breaks the 6.0700 level. "I think the yuan is already where the central bank wants it to be, which means it won't appreciate anymore for this year," said a trader with a Shanghai-based local bank. The yuan has risen 2.6% since the start of 2013. It has been trading in a very narrow range since the dollar fell to around CNY6.0710 two weeks ago. Offshore, one-year dollar/yuan nondeliverable forward contracts fell to 6.1325/6.1350 from 6.1385/6.1425 late Friday, implying a 1.0% 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 CNY6.0693, lower than CNY6.0720 late Friday. Write to Wynne Wang at wynne.wang@dowjones.com