The USD/CNY could open lower on continued dollar selling pressure. "The yuan fell yesterday because the central bank stepped in to intervene. Market participants are still trying to get rid of dollars," says a Shanghai-based Asian bank trader, who adds that the recent regulatory approvals to allow more funds from overseas financial institutions to invest in the domestic stock market is also putting pressure on dollar sales. The central bank may continue to intervene today, he says. Central parity was at 6.2905 Thursday. Offshore, one-year USD/CNY NDFs are at 6.3340/6.3380 from 6.3350/6.3370 late Thursday. The pair was at 6.2334 late Thursday.
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