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ASIA FX: Mixed Trends NEA, USD/CNH Down From Recent Highs

ASIA FX
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North East Asian FX trends are mixed in the first part of Thursday trade. USD/CNH is back to the 7.0740 region, around 0.25% stronger in CNH terms. The yuan may be receiving some support from the firmer G10 FX tone against the USD, although overall moves are modest at this stage. The BBDXY is down around 0.10%. 

  • China equities are volatile, oscillating between gains and losses,although at the time of writing are higher. The PBoC stated financial institutions are open to apply to the swap window, which is designed to provide liquidity support to local stock markets. The scheme was first announced on Sep 24, but could be expanded beyond the initial size of CNY 500bn and broadened in terms of acceptable collateral as well (per onshore media).
  • Spot USD/KRW has drifted a little higher, but recent highs above 1352 remain intact. The pair was last near 1349. the South Korean Finance Minister stated earlier that inflation is stabilizing at downward trend. This comes ahead of tomorrow's BoK decision, where a 25bps cut is expected.
  • USD/TWD is steady last near 32.20. Both South Korean and Taiwan equities are higher, but gains are modest at this stage. 
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North East Asian FX trends are mixed in the first part of Thursday trade. USD/CNH is back to the 7.0740 region, around 0.25% stronger in CNH terms. The yuan may be receiving some support from the firmer G10 FX tone against the USD, although overall moves are modest at this stage. The BBDXY is down around 0.10%. 

  • China equities are volatile, oscillating between gains and losses,although at the time of writing are higher. The PBoC stated financial institutions are open to apply to the swap window, which is designed to provide liquidity support to local stock markets. The scheme was first announced on Sep 24, but could be expanded beyond the initial size of CNY 500bn and broadened in terms of acceptable collateral as well (per onshore media).
  • Spot USD/KRW has drifted a little higher, but recent highs above 1352 remain intact. The pair was last near 1349. the South Korean Finance Minister stated earlier that inflation is stabilizing at downward trend. This comes ahead of tomorrow's BoK decision, where a 25bps cut is expected.
  • USD/TWD is steady last near 32.20. Both South Korean and Taiwan equities are higher, but gains are modest at this stage.