USD/CNH Lower; Tipped In A 6.2920-6.3000 Band

The USD/CNH, or offshore USD/CNY, edges lower to 6.2940 from 6.3030 late Wednesday, tracking a lower fixing onshore and broadly higher Asian currencies. "Market is in a risk-on mode, equities are performing well. These are weighing on the pair, though it's unlikely to fall drastically," says a senior trader at a Chinese bank. He tips the pair to trade in parallel with a 100-pip discount versus the onshore pair, in a 6.2920-6.3000 band. The USD/CNY is last at 6.3038, down from 6.3065 late Wednesday, after the PBOC fixes the central parity sharply lower, at 6.3075, versus 6.3103 Wednesday.