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China's yuan fell two notches against the US dollar to 8.2773 yesterday as banks bought more dollars on behalf of importers, dealers said.
The yuan, which the central People's Bank of China keeps trading in a narrow range of 8.2760 to 8.2800 to guard against shocks to the domestic economy, logged an intraday low of 8.2773 and a high of 8.2769.
"Trade, which was flat early in the session today, became active near the end due to more purchases of US dollars from Chinese local banks, mostly at 8.2772 and 8.2773," said a dealer at a major Chinese bank.
(china.org.cn November 5, 2002)
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