The USD/CNH, or offshore USD/CNY turns lower, in-line with the movement of the onshore and international markets, says a trader at a U.S. bank. The offshore pair is last quoted at 6.3395 vs 6.3440 earlier, and compared with 6.3410 late Monday in Asia. "There are some investors covering short-euro positions in the afternoon, which pushes down the U.S. dollar. Still, I expect the offshore pair to be supported at 6.3360 as many investors are still concerned over the German constitutional court ruling on whether Germany is allowed to contribute to the European Stability Mechanism designed to help alleviate the euro-zone sovereign debt crisis," the trader says. The Hong Kong Treasury Markets Association set the USD/CNH fixing at 6.3434 vs Monday's 6.3395. The PBOC set the onshore USD/CNY central parity at 6.3391 vs Monday's 6.3375.
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