China's yuan was higher against the U.S. dollar late Friday afternoon because the People's Bank of China set the dollar-yuan central parity lower following the dollar's weakness against the euro overnight. On the over-the-counter market, the dollar was at CNY6.7735 around 0930 GMT,down from Thursday's close of CNY6.7761. It traded between CNY6.7700 and CNY6.7751.
The central bank set the central parity at 6.7753, down slightly from 6.7768 Thursday after the euro rose to $1.2703 in New York trading from $1.2648 late Wednesday. The euro was at $1.2667 around 0930 GMT. Traders said the central bank is unlikely to react to the U.S. Treasury Department's delayed semi-annual currency report, which said the Chinese currency is undervalued. While the department didn't name China as a currency manipulator, Treasury Secretary Timothy Geithner said "What matters is how far and how fast the renminbi appreciates."
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