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DJ China Yuan Down as Hopes for Year-End Gains Diminish
December 24, 2013

Vs Parity Previous USD/CNY Central Parity 6.1145 6.1161 USD/CNY OTC 0830 GMT 6.0714 -0.70% 6.0702 High 6.0721 -0.69% Low 6.0708 -0.71% SHANGHAI--China's yuan fell against the U.S. dollar on Tuesday as traders give up expectations the central bank will back more solid gains in the local currency in the final sessions of the year. On the over-the-counter market the dollar was at CNY6.0714 around 0830 GMT--higher than Monday's close of CNY6.0702. It traded in a range of CNY6.0708 to CNY6.0721. "We are now setting our eyes on the next year when the central bank may encourage more strength in the yuan," a Shanghai-based local bank trader says. Yuan trading is very quiet after it hovered around 6.0710 level for more than two weeks, participants said. The People's Bank of China set the dollar/yuan central parity rate at 6.1145, lower than Monday's 6.1161, following dollar weakness overseas. Traders didn't take it as a signal and it remains above the 6.1100 record touched earlier. The yuan has risen 2.6% since the start of 2013. Offshore, one-year dollar/yuan nondeliverable forward contracts rose to 6.1366/6.1403 from 6.1325/6.1350 late Monday implying a 1.1% 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 CNY6.0713, higher than CNY6.0693 late Monday. Write to Wynne Wang at wynne.wang@dowjones.com