The USD/CNY falls, after the central parity is set lower. The pair is at 6.2298 vs 6.2451 late Monday. The parity is set at 6.2906 vs 6.2922 Monday. The pair hit 6.2277 earlier, when the yuan touched the 1% daily upper limit. A Shanghai-based foreign bank trader says the yuan didn't stay at the upper limit as it did in the previous sessions, as the market is still trying to price in a large amount of dollar buying late Monday. The yuan closed lower Monday as big Chinese banks stepped up their dollar buying in the final half hour of the trading session, which could be backed by the central bank, according to traders. Offshore, one-year USD/CNY NDFs are up at 6.3160/6.3185 from 6.3119/6.3164 late Monday.
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