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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI DATA TABLE: MNI China Interbank Liquidity Index (Jul) - 1
MNI DATA TABLE: MNI China Interbank Liquidity Index (Jul) - 2
MNI DATA TABLE: MNI China Interbank Liquidity Index (Jul) - 3
After touching a fresh multi-month low...>
CHINA YUAN: After touching a fresh multi-month low of CNH6.6704 today, USD/CNH
has pared some of the losses. The rate last trades at CNH6.6838, ~40 pips worse
off, as the greenback remains fragile after yesterday's decidedly dovish turn in
the rhetoric surrounding the FOMC MonPol decision, which allowed the rate to
close ~300 pips lower Wednesday. As a reminder, the FOMC favoured keeping
interest rates unchanged for the year and possibly longer in the face of a
global slowdown and announced an end to the balance sheet runoff program in
September.
- Elsewhere, yesterday U.S. President Trump said that U.S. tariffs on China will
remain in place "for a substantial period of time," until Beijing proves its
compliance with any bilateral trade deal.
- On the technical front, yesterday USD/CNH managed to breach the lower boundary
of the CNH6.6868-CNH6.7374 range, which contained its price action this month. A
return below CNH6.6800 would open up the 1.0% 10-DMA envelope at CNH6.6446.
Meanwhile, bulls look to the 21-DMA at CNH6.7087, which has proven to be key
over the last two weeks or so.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.