China's Yuan Ends Down Vs Dollar, Pressured by Weak Data

                                  Vs Parity    Pvs 
USD/CNY Central Parity   6.1333               6.1315 
USD/CNY OTC 0830 GMT     6.2454     1.83%     6.2427 
             High        6.2484     1.88% 
             Low         6.2432     1.79% 
 

        SHANGHAI--China's yuan fell slightly against the U.S. dollar Thursday, taking its cue from a weaker reference exchange rate set by the Chinese central bank and the greenback's strength in global markets.
        On the over-the-counter market, the dollar closed at CNY6.2454, up from Wednesday's close of CNY6.2427. It traded between CNY6.2432 and CNY6.2484.
        The People's Bank of China set the dollar-yuan central parity rate, the reference exchange rate, at CNY6.1333, up from CNY6.1315 on the previous day.
        "The manufacturing (and non-manufacturing) survey data in China have been slipping for a few months now; and the most recent slump in imports in January extends a weakening trend that has been at least a couple of years in the making," Goldman Sachs wrote in a research note.
        Against a backdrop of tighter credit conditions and slowing housing and fixed asset investment, supporting economic growth may require further policy easing by Beijing, raising the risks of yuan's weakness, the Wall Street bank added.
        Offshore, one-year dollar/yuan nondeliverable forward contracts rose to CNY6.3750 from CNY6.3690 late Wednesday.
        In the offshore yuan market in Hong Kong, where the Chinese currency floats freely, the dollar was flat at CNY6.3463.
        Write to Shen Hong at hong.shen@wsj.com
        (END) Dow Jones Newswires

        February 12, 2015 04:29 ET (09:29 GMT)

#FX
#Forex
#ChinaYuan
#EndsDown
#WeakData