The USD/CNH, or offshore USD/CNY, is at 6.2303, a tad down from 6.2325 late Wednesday in Asia, weighed by upbeat PMI data in China. But the pair is likely to consolidate at current levels through the rest of the year, as "fund flows tend not to be so substantial near year-end," says a senior trader at a Chinese bank. He tips 6.2280-6.2320 as the near-term range for the pair, with stable guidance from the PBOC--USD/CNY central parity was set at 6.2918, from Wednesday's 6.2908. HSBC's preliminary China PMI hit 50.4 in November, vs 49.5 in October, reinforcing confidence over China's economic recovery.
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