China Yuan Rise on Positive Trade Data

        0253 GMT [Dow Jones] China's yuan rises as the country's April trade data beat market expectations. The USD/CNY is at 6.2323 vs 6.2343 at the Wednesday close, despite the central bank setting the yuan fixing weaker to trace the dollar's strength overnight. "Technically the yuan's downside room is limited today after yesterday's sharp loss, and the positive trade data offered a lift to the currency," says a Shanghai-based local bank trader. China's trade surplus widens to $18.46 billion in April, from $7.71 billion in March, as both exports and imports were largely better than expected. The central parity is set at 6.1557 vs 6.1542 Wednesday. Offshore, one-year USD/CNY NDFs are down at 6.2184/6.2224 from 6.2220/6.2270 late Wednesday. (wynne.wang@dowjones.com)
        (END) Dow Jones Newswires

        May 07, 2014 22:53 ET (02:53 GMT)