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USD/CNY May Fall On Weak Overnight USD

Forex News USD/CNY may fall after USD weakened on international markets overnight, says Shanghai-based dealer with foreign bank. Tips central parity rate to be set around 6.8150, down from yesterday's close of 6.8300; tips pair to trade in 6.8100-6.8250 range. Adds, he expects trade to remain light; trading volumes have fallen since Jul. 14 when currency regulator started requiring export receipts to be placed in special accounts in order to vet legitimacy of underlying transaction. Dealers expect flows to return to normal in another week, as backlog of approvals start getting cleared.




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