USD/CNY Higher; Could Rise Above 6.3100

The USD/CNY is higher at 6.3086 in afternoon trade vs 6.3039 late Thursday in Asia, supported by higher fixing. The pair could rise above the 6.3100 level later in the session if oil companies buy, says a Guangzhou-based foreign bank trader. The central bank guided the CNY lower to reflect weaknesses in other Asian currencies, especially the JPY, over the past few sessions, he adds. The central parity was set at 6.3042 vs Thursday's 6.3004. Offshore, one-year USD/CNY NDFs are quoted at 6.3425/6.3455 from 6.3440/6.3470 late Thursday.