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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 AccessBRIEF: ECB's Panetta-Time To Start Thinking Of NGEU Successor
MNI China Daily Summary: Wednesday, Aug 21
Both USD/CNH & USD/CNY Sub 200-day MAs, MLF & Nov Activity Figures Due
By late NY trade, USD/CNH was near 7.1100, fresh lows back to mid June for the pair. We firmed modestly into the NY close, back to the 7.1230/40 region, which is where we currently track. This was a CNH gain of 0.21%. Note USD/CNY also dropped sharply, closing at 7.1119, while the NY NEER (J.P. Morgan Index) fell 0.47% to 123.43.
- Thursday moves leave both USD/CNY and USD/CNH sub their respective simple 200 day MAs. A +1% EUR/USD gain, as the ECB struck a less dovish tone compared to the Fed, no doubt spilled over into yuan strength.
- Note as well further signs of support for the China housing market. Both Beijing and Shanghai cut the downpayment for first home buyers (see this link for more details).
- This may have aided yuan sentiment at the margins and comes ahead of the 1yr MLF decision today and Nov activity data. The markets expects a steady MLF at 2.50%. MLF volumes are projected at 975bn yuan (prior 1450bn yuan).
- Nov activity figures are expected to improve in y/y terms, but base effects are favorable. Nov home prices, property sales and the jobless rate are also due.
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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.