USD/CNY Falls on PBOC Guidance

        0252 GMT [Dow Jones] The USD/CNY falls as the dollar weakened when the country's markets were closed on the Labor Day holiday. The pair is at 6.2540 vs 6.2593 Wednesday close, after the central parity is set at 6.1560 vs 6.1580 Wednesday to reflect the dollar's broad weakness overseas. The yuan hit a more than 18-month low on Wednesday. "Investors are waiting to see if the mild recovery in PMIs will help to restore investors' confidence in the currency," says a Shanghai-based local bank trader. The HSBC China PMI rose slightly to a final reading of 48.1 in April from 48.0 in March, while the official PMI released during the holiday ticked up to 50.4 in April, compared with 50.3 in March. Offshore, one-year USD/CNY NDFs are down at 6.2481/6.2515 from 6.2585/6.2620 late Wednesday.(wynne.wang@dowjones.com)
        (END) Dow Jones Newswires

        May 04, 2014 22:52 ET (02:52 GMT)