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A Touch Firmer As Touted Property Market Support Is Delivered


USD/CNH shows towards Tuesday’s low (CNH7.2802) on the back of the delivery of the widely touted support for the housing market (downpayment and interest rate cuts).

  • USD/CNH spot was printing around CNH7.2950 ahead of the headlines.
  • Still, bears can’t force a break of recent session lows on the initial look, given the well-documented headwinds for the Chinese economy and with expectations already in place for such a move.
  • Policymakers continue to try and fortify the yuan in the background, via forward and swap flows, as flagged earlier/in recent sessions.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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